It's official now. The deal between global investment company The Abraaj Group and Turkish e-commerce leader Hepsiburada.com, about which we first broke the news a month ago, is now final with sides making an official announcement today saying some 25% stake is changing hands.
According to the release appeared today on Hürriyet newspaper owned by Dogan Group which is also the biggest shareholder at Hepsiburada.com, the investment will be used in improving the operations, IT and mobile insfrastructure of the company and speed up the preparations for the launch of a new online market place in May 2015.
It's not in the official release but we have learned that the transaction is based on a total valuation of over 430 million for the Turkish e-commerce leader.
Hepsiburada.com says it serves over 15 million registered customers a month, creating a revenue sum that the company claims exceed 1 billion TRL ($405 million). Currently dispatching goods from 5 giant warehouses, Hepsiburada.com prepares now to open a 100K square meter operations center in September 2015.
Abraaj Group is a pioneering private equity firm who mostly invest in the growth markets of Asia, MENA and Turkey. The company backs promising startups as well as established businesses in 20 sectors, including tech, health, insurance and real estate. It employs over 300 people around the world who operates assets that totaled $7.5 billion in 2013.
UPDATE: Although there is still no official announcement on the figures, we have learned that the "$400 million" figures is not the money put into investment, but the overall valuation of the company, and the rumours are hovering actually around $440 million.