Turkish e-commerce platform Trendyol has received an additional $330 million investment from existing partner Alibaba in a capital increase. With this injection of capital, Alibaba now holds an 86.5% stake in the company.
But that’s not the whole story, as Webrazzi’s sources are also floating the rumour that another line of investment is heading Trendyol’s way, this time in the $ billion range, with speculation that this will push the valuation north of $15 billion.
Founded in 2010 by Demet Suzan Mutlu, Trendyol is Turkey’s largest e-commerce company as well as the largest internet services-based employer. The company added the red hot online grocery sector as well as food delivery services to its roster last year and sells on average, 1 million products per day.