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.
According to Webrazzi, and confirmed via Reuters, this investment would see Trendyol’s valuation increase to $11 billion.
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.