Harvard Business School dropout Demet Mutlu happens to be the big name behind the formation of Trendyol. Reports indicate that he founded the company back in 2010, but it is unbelievable that he could have projected the massive growth it continues to achieve currently. Reports show it is performing quite a while, considering that it has clinched about 34% of the entire market. Alibaba Group Holding Ltd – ADR (NYSE: BABA) happens to be one of the companies that support Trendyol
It is one of the top-performing e-commerce marketplace platforms according to top data prepared and presented by Euromonitor data. The latest development has to do with Trendyol edging pretty close to achieving fresh funding, adding up to $16.5 billion. Analysts classify the company to be one of the most prominent startups in Turkey.
The company says it is close to hitting its target. It has been engaging several investors to raise the funds it requires, and General Atlantic happens to be one of them. The company channeled about $1.5 billion in this deal which is projected to end over the coming week.
It has been a significant turn for the company
It is important to stipulate that the deal hasn’t yet gone public, and it is why persons providing the information want their names kept anonymous. These persons signal that SoftBank Group Corp (OTCMKTS: SFTBY) is one of those channeling money in investments in the deal in question. The fresh funds will play a significant role in expanding business in the country and internationally as well.
Reports point to a significant surge in online buying in Turkey. It was a jump that shot up by about 66% in the previous year. The trade ministry unveiled the information about the jump.
Analysts have described Trendyol’s gross merchandise value as having moved past the ceiling, and that is considering a jump that was about 20 times over the past three years. Analysts project that the company might hit the $10 billion mark this year.