Alibaba have recently provided the largest ecommerce platform in Turkey, Trendyol with an additional investment of $330 million. Alibaba first invested in Trendyol back in 2018 in a deal that at the time was the largest internet transaction in Turkey.
According to reports, the new investment leaves Alibaba with an 86.5 percent stake and values Trendyol at 11 billion. There’s even a rumor that a further investment is possible which would push their valuation even higher.
Since their initial investment the platform have made a number of decisions to further their growth and expansion. For example, the company have continued to expand their offerings to more countries and markets including across Europe and in 2019 they launched a store on AliExpress.
Trendyol helps create 1.1 million jobs in Turkey
The results from a recent independent study conducted by PAL have shown that Trendyol has made a measurable impact on Turkey’s economy. 98,000 businesses, mostly SMEs, and 1.1 million individual sellers sold 347 million products on Trendyol in 2020.
The results also revealed that 90% of sellers increased their turnover and 82% hired more employees as they upscaled their businesses. 80% of sellers increased their know-how on consumer preferences and market trends and Trendyol is also credited by 77% of sellers for helping their businesses minimize the economic impact of Covid 19.
Sales on the Trendyol platform have a positive knock-on effect on related sectors, such as manufacturing, packaging, marketing, delivery and customer service. Trendyol’s strong performance contributed to the creation and retention of 360,000 direct and 708,000 indirect employment. Study findings estimate that Trendyol’s impact on employment will reach 2.4 million jobs by 2023, a significant increase from the current 1.1 million.
“At Trendyol, we see it as our responsibility to strengthen the digital ecosystem and to create value for our customers, sellers, and our country as a whole. By digitalizing and supporting local businesses, we enable Turkey’s entrepreneurs and business owners to invest in their families, their communities and in Turkey. We will continue to work hard to grow the positive impact we have for our country and all our stakeholders.”
– Demet Mutlu, founder and CEO, Trendyol