Alibaba is taking a stake in Turkish e-commerce platform, Trendyol.
Terms of the deal were not disclosed, although Alibaba claims that this is the largest ever internet transaction in Turkey. Trendyol, which has over 16 million customers, will leverage the Chinese e-commerce giant’s capabilities in technology, e-commerce, mobile payments and logistics.
“Turkey is an exciting and important market as we assess the development and proliferation of digital economies in the region and around the world,” says Michael Evans, President at Alibaba Group.
“The two companies share a very similar culture, values and both have huge ambitions for the digital economy,” adds Demet Mutlu, Founder and CEO, Trendyol, who will continue to lead the company. “In particular, we will work with Alibaba to help Turkish brands, merchants and manufacturers to reach hundreds of millions of shoppers globally, and we will continue to serve our customers and contribute to the development of the digital economy in Turkey and the broader region.”