Alibaba-backed Turkish e-commerce giant Trendyol recently announced signing agreements to raise $1.5 billion from several high-profile investors—General Atlantic, SoftBank Vision Fund 2, Princeville Capital and sovereign wealth funds ADQ (UAE) and the Qatar Investment Authority. The funding took its valuation to $16.5 billion, making it the country’s first ‘decacorn’—a term for start-ups that pass the $10-billion mark.

Alibaba invested $350 million in the company earlier this year in a capital increase, enabling the start-up to hit $9.4 billion, according to media reports in the Middle East. Having purchased Trendyol in 2018, the Chinese company increased its stake to 86.5 per cent after the transaction.

Trendyol’s main rival in Turkey, Hepsiburada, saw its value hit $3.9 billion in its U.S. stock market debut last month.

Over the last three years, Trendyol grew its gross merchandise value by about 20 times and is said to be on track to do about $10 billion in gross merchandise value in 2021.

The company in October entered the European market through a website to serve 27 countries, including Italy, Spain and the United Kingdom.

Trendyol reportedly holds 34 per cent of Turkey’s e-commerce market, according to Euromonitor statistics. Hepsiburada follows with 11 per cent, while n11.com holds 8.3 per cent and GittiGidiyor 4.4 per cent.

Fibre2Fashion News Desk (DS)

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