One of the world’s largest online and mobile commerce company Alibaba Group made an investment in Trendyol, a Turkey-based e-commerce company. There has been no official word on the investment amount.
Turkey’s leading e-commerce platform Trendyol was established in 2010 by Demet Mutlu and it has become one of the most popular shopping sites for women. Alibaba entered into a strategic alliance with Trendyol, and with this agreement, Alibaba will invest into the company as well as acquire shares from its existing investors.
The decision of Chinese e-commerce giant to invest in a Turkish company is a win-win condition. Firstly, it demonstrates Alibaba's commitment to expanding its business globally and it plays a crucial role in Turkey's economy. With this agreement, Trendyol and Alibaba will work together to expand and strengthen the business of Trendyol in Turkey. Moreover,
Alibaba will provide information regarding technology, online commerce, and mobile payment, logistic and international commerce to Trendyol.
Trendyol is the leading e-commerce company in Turkey serving more than 16 million customers. It is also the fastest growing e-commerce company in the region. Commenting on the partnership with Alibaba, Demet Mutlu, Founder and CEO of Trendyol stated, “The two companies share a very similar culture, values and both have huge ambitions for the digital economy.”
Management team will continue leading the company
“We are very excited about this partnership. We began our journey eight years ago with a team of five people and we have built the largest and fastest growing mobile e-commerce platform in Turkey” added Mutlu.
Michael Evans, president and a member of the board of directors of Alibaba Group, said “Turkey is an exciting and important market as we assess the development and proliferation of digital economies in the region and around the world. With this investment, Alibaba forms a partnership with a market leader and a strong founder-led management team, who have built an exceptional company with a strong platform, impressive growth and a loyal merchant and customer base. Trendyol’s founders and management team will continue to lead the company”.
We will be updating this news.