Turkish e-commerce marketplace Trendyol, backed by Chinese internet giant Alibaba, is reportedly in discussions to raise $2bn from investors.
Trendyol is the largest e-commerce platform in Turkey. It has registered growth of around 20-fold in gross merchandise volume in the last three years, taking the volume to $10bn this year.
“Trendyol is in discussions to raise $2bn from global investors,” a source with knowledge of the matter told Reuters
SoftBank and private equity firm General Atlantic were involved in the talks for the investment, the news agency also reported the person and other sources as saying.
The company was advised by Citi, the first source said, adding that the fundraising was expected to close by the end of this month.
“The fundraise is expected to close in June and aims to diversify the shareholding base prior to the company’s planned IPO in 2023,” they were also quoted as saying.
In April, Alibaba, which bought a majority stake in Trendyol in 2018, increased its stake to 86.5% in a capital increase, according to the country’s trade registry.
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