Telecommunications and internet group SoftBank’s Vision Fund 2 co-led a $1.5bn funding round for Turkey-headquartered e-commerce marketplace Trendyol yesterday at a valuation of $16.5bn.
The round was co-led with growth equity firm General Atlantic, investment firm Princeville Capital and sovereign wealth funds ADQ and Qatar Investment Authority. Citi was financial adviser and placement agent on the deal.
Trendyol operates a diversified online retail platform which incorporates on-demand grocery delivery and a peer-to-peer e-commerce marketplace. It has also built its own courier and last-mile delivery infrastructure in addition to a mobile wallet.
Anthony Doeh, partner at SoftBank Investment Advisers, which manages Vision Fund 2, said: “Trendyol seamlessly integrates e-commerce, payments and delivery, with deep industry expertise in sectors such as fashion, with a unique consumer offer that we believe will be highly scalable across new markets and geographies.
“As an investor in e-commerce platforms globally, we are excited to partner with Trendyol and look forward to supporting the company’s journey as one of [Europe and the Middle East]’s emerging digital champions.”
The company confirmed e-commerce group Alibaba had invested $350m in March this year, a deal that increased its stake to 86.5% according to a regulatory filing. It had already acquired a majority stake in the company in 2018 at a valuation of $750m.
Trendyol had reportedly raised between $25m and $30m from Kleiner Perkins Caufield & Byers and existing investor Tiger Global Management in 2011 at a valuation of $150m.
