Uber Technologies Inc (New York/UBER) has signed an agreement to acquire an 85% controlling stake in Trendyol GO for approximately $700mn in cash, Uber said on May 6 in a stock exchange filing.

The price was set on a cash and debt free basis, valuing the enterprise at $824mn. The deal is expected to close in the second half of 2025.

$2bn gross bookings in 2024

Trendyol GO is an online meal and grocery delivery business serving Turkey. It was launched by Trendyol Group in 2020 during the COVID boom in the delivery industry.

Trendyol GO delivered more than 200mn orders in 2024. It generated $2bn in gross bookings, up more than 50% y/y.

The app includes more than 90,000 restaurants and markets. It works with 19,000 couriers.

Once the deal is complete, the Trendyol GO app will continue to seamlessly serve customers, merchants, and couriers while Uber introduces key capabilities over the coming years from Uber Eats, Uber’s global delivery platform, Trendyol Group said in a press release.

Global rivalry

Already a dominant ride-hailing service in North America, Uber has been trying to reassure investors of its growth potential by expanding its business portfolio and collaborating with self-driving vehicle partners, according to Reuters.

Also on May 6, DoorDash Inc (Nasdaq/DASH), Uber’s rival on the US delivery market, announced that it had signed an agreement to buy Deliveroo Plc (London/ROO) for a consideration of British pound (GBP) 2.9bn.

First decacorn

Istanbul-based Trendyol, launched in 2010, is Turkey’s first decacorn, in other words, a privately held company that reached a valuation of $10bn. It is the leader on Turkey’s e-commerce market.

Since 2018, it has been the Turkish unit of China's Alibaba (New York/BABA; Hong Kong/9988).

Alibaba holds a 76% stake in the company, while other shareholders include Softbank Group Corp. (Tokyo/9984), General Atlantic, the Qatar Investment Authority (QIA) and sovereign wealth fund Abu Dhabi Developmental Holding Company PJSC (ADQ).