ISTANBUL : Turkish e-commerce firm Trendyol, backed by Chinese internet giant Alibaba, said on Monday it had entered into agreements to raise US$1.5 billion from a number of high-profile investors, valuing the company at US$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 funding proceeds will support Trendyol's growth both within Turkey and internationally," the company's founder Demet Suzan Mutlu said.
Trendyol will set aside some of the proceeds to expand support services built around e-commerce and "create new export channels for Turkish merchants and manufacturers", chairman Evren Ucok said.
Founded in 2010, Trendyol serves more than 30 million shoppers, delivering more than 1 million packages per day from groceries to clothes.
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)