Other investors including Princeville Capital and sovereign wealth funds, ADQ (UAE) and Qatar Investment Authority also participated in this round.
This new funding round brings the valuation of the Alibaba-backed e-commerce company to $16.5 billion, making it Turkey’s first decacorn. It also marks SoftBank’s first investment in the country.
The funding proceeds will support Trendyol’s growth both within Turkey and internationally. In particular, Trendyol will continue its investment in nationwide infrastructure, technology and logistics, accelerate digitalisation of Turkish SMEs, according to Trendyol founder Demet Suzan Mutlu.
Founded in 2010, Trendyol serves over 30 million shoppers and delivers more than 1 million packages per day.
Trendyol’s super-app combines its marketplace platform powered by its own last-mile delivery solution (Trendyol Express), with instant grocery and food delivery through its own courier network (Trendyol Go), its digital wallet (Trendyol Pay), consumer-to-consumer channel (Dolap) and others.
In April, Chinese internet giant Alibaba invested $350 million in Turkish e-commerce firm Trendyol in a capital increase.
With this investment, Alibaba increased its stake to 86.5% after the transaction, according to the registry.
Alibaba acquired more than 80% of Trendyol in 2018 by pouring $728 million into the startup, leaving Mutlu and other top executives to steer the company.
SoftBank Vision Fund 2 most recently led a $200-million funding in Wiliot, a technology company backed by Amazon Web Services and Qualcomm Inc. The investment firm has also led a $350-million Series C funding round in US-based Nature’s Fynd to facilitate its expansion plans in Asia.