ISTANBUL (Reuters) – Turkish e-commerce firm Trendyol, backed by Chinese internet giant Alibaba, said on Monday it had entered into agreements to raise $1.5 billion from a number of high-profile investors, valuing the company at $16.5 billion.
Trendyol, one of Turkey’s best known e-commerce platforms, has drawn backing from foreign investors and holds a leading position in Turkey’s fragmented e-commerce market.
The round was co-led by General Atlantic, SoftBank Vision Fund 2, as well as Princeville Capital and sovereign wealth funds, ADQ (UAE) and the Qatar Investment Authority, the company said in a statement.
The company also provides logistics, payment and other support services to make e-commerce more attractive for shoppers.
In June Reuters reported, citing sources, that the company was in talks to raise funds.
(Reporting by Ebru Tuncay and Can Sezer; Writing by Daren Butler; Editing by Ezgi Erkoyun and Louise Heavens)