Turkish e-commerce company Trendyol is reportedly in negotiations to raise $2 billion in an investment round, two people familiar with the matter told Reuters.
“Trendyol is in discussions to raise $2 billion from global investors,” said one of the sources who wanted to remain anonymous.
Backed by Chinese tech giant Alibaba, Trendyol is currently one of the most popular e-commerce platforms in Turkey with nearly 20 million active customers. In 2020 alone, 98,000 businesses and 1.1 million individuals sold more than 347 million products on the platform. The company is expected to reach $10 billion in gross merchandise value (GMV) this year.
Sources said that Softbank and American growth equity firm General Atlantic took place in the discussions.
They also added that Trendyol was advised by investment banking company Citi and the fundraise is expected to close 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 said.
Reuters wrote that SoftBank, General Atlantic and Citi all declined to make a comment while Trendyol wasn’t available for comment.