E-commerce firm Alibaba has acquired a majority stake in Turkey-based e-commerce platform Trendyol at a valuation of at least $750m, Axios has reported, citing multiple sources.
Founded in 2010, Trendyol runs an online marketplace it claims receives more than 90 million monthly visits. Alibaba’s investment was made in connection with a collaboration agreement that will support growth in Turkey and the surrounding region.
Details of the deal follows reports in June 2018 that Alibaba was set to invest in Trendyol, though they did not mention the acquisition of a majority stake. The companies have not confirmed the size of the stake the former has taken but said the deal involved primary and secondary share purchases.
Trendyol had previously received $25m to $30m in funding from Kleiner Perkins Caufield & Byers and Tiger Global Management, the latter as an existing investor, in 2011 at a reported valuation of $150m. It has not revealed specific details of earlier funding.