This year, we have witnessed the sales of e-commerce companies such as Hepsiburada, Getir, n11, and Modanisa. Let’s take a look together at the e-commerce companies that have been sold in Turkey over the past years.
Hepsiburada
We previously reported that a majority stake in Hepsiburada was acquired by Kaspi.kz for a sales price of $1.1 billion. The shares, which are traded on the Kazakhstan and NASDAQ exchanges, were transferred through a binding agreement with Hanzade Doğan, the founder and majority shareholder of D-Market Elektronik Hizmetler ve Ticaret A.Ş., along with Vuslat Doğan Sabancı, Begüm Doğan Faralyalı, Arzuhan Doğan Yalçındağ, and Işıl Doğan, representing 65.4% of Hepsiburada’s A and B group shares.
The total value of the transferred shares is approximately $1.127 billion, with the payment to be made in two installments. It should be noted that the share transfer agreement is subject to customary closing conditions and the acquisition of necessary regulatory approvals in Turkey, with closing expected in the first quarter of 2025.
Hepsiburada, founded by Hanzade Doğan in 2000, serves 12 million active customers through 101,000 business partners on its platform. In the fiscal year 2023, it generated a total Gross Merchandise Value (GMV) of approximately $4 billion, resulting in a positive EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of 1.8% of GMV. The company had achieved a valuation of $3.9 billion during its IPO on NASDAQ in 2021.
Getir
We shared details about Getir’s new restructuring after it raised $250 million in investments back in June. According to information shared by the Competition Authority this September, an application was filed for the final acquisition of sole control of Getir Perakende Lojistik Anonim Şirketi by Mubadala Investment Company PJSC. Within the same month, the Competition Authority approved the acquisition of Getir’s sole control by Mubadala. Consequently, management and majority ownership of Getir’s online grocery and food delivery service business in Turkey transferred to Mubadala Investment Company.
Modanisa
In April 2024, Re-Pie Portfolio acquired the entire international online fashion and shopping platform Modanisa, which operates in the modern conservative clothing sector. Modanisa received an additional $12 million in new investment from Re-Pie Portfolio Embedded Venture Capital Fund (VCF).
Re-Pie Portfolio also led a bridge investment round in 2022, where Modanisa raised $20 million and made a $15 million investment through Re-Pie Portfolio Modanisa VCF. Additionally, prestigious investors such as Goldman Sachs, IPY, and the EBRD participated in this bridge investment round. By 2021, Modanisa offered over 100,000 products and sold to 140 countries. In 2024, Modanisa announced that it reaches 20 million visitors monthly through its mobile application and website from all over the world.
İstegelsin
In April of this year, Şok Market acquired İstegelsin for 220 million TL. To accelerate its growth in the e-commerce platform, Şok Market purchased the entirety of Future Teknoloji Ticaret A.Ş., the parent company of İstegelsin. The company announced that it signed a share purchase agreement to acquire all shares of Future Teknoloji Ticaret A.Ş. for 220 million TL.
According to a statement made by Şok to the Public Disclosure Platform (KAP), the transaction price, which included a 10% discount based on the mid-point of the company value range set in the valuation report, was negotiated at 220 million TL.
İstegelsin had shown tenfold growth in 2020 and received the Runner Ups award for a remarkable 4921% growth in the 2020 Deloitte Technology Fast 50 Turkey program.
n11
In recent years, we have shared that Getir became a partner of n11.com and provided insights into the financial details that raised curiosity regarding Getir’s partnership with n11.com. In June 2023, Getir’s founder and CEO Nazım Salur announced via Twitter that Getir had acquired the remaining shares of n11. Consequently, Getir gained full ownership of n11.
In June of this year, as Getir’s majority stake in online markets and food delivery transitioned to Mubadala, a new group governed by Nazım Salur and Getir’s founders emerged. This new group comprises e-commerce players such as n11, mobility services GetirBiTaksi and GetirAraç, the career platform Getirİş, and FreshDirect, which operates in grocery delivery in New York.
In September, Getir transferred n11 to Borancılı Technology. According to information available in the Trade Registry, ownership of n11 transitioned from Getir to Borancılı Technology Anonim Şirketi. Reports indicate that Getir Perakende Lojistik Anonim Şirketi’s direct ownership in the company dropped from 100% to 0%. Conversely, Borancılı Technology Anonim Şirketi, owned by Serkan Borançılı, one of the co-founders of Getir, went from 0% to 100% in its direct ownership of n11.
Trendyol
In 2021, Trendyol raised $350 million from its existing partner Alibaba through a capital increase, raising the company’s valuation to $9.35 billion. Following this investment, Alibaba’s total stake in Trendyol increased to 86.50%, while the company’s co-founder Demet Mutlu held 6.96%, Evren Üçok 5.55%, Begüm Tekin 0.78%, and Zeki Güçlü Kaya 0.21%.
In 2023, Trendyol expanded to the Gulf countries, following its entry into Germany and Azerbaijan. In November of the same year, Trendyol announced the results of its “November Campaign,” where 400,000 sellers connected 100 million products with customers during the campaign period.
Marketyo
In 2021, Yemeksepeti acquired Marketo. Marketyo repositioned itself to target the B2C market, moving beyond being just an e-commerce service provider, after it recently received $1.4 million in investment from Esor. Besides Esor, Marketyo, which raised 1.4 million TL from Keiretsu Forum in 2017, achieved exits of both Keiretsu Forum and Esor over 2 and 4 years, respectively, following its sale. In the previous year, Marketyo, which operated with 65 supermarket chains in a total of 43 provinces during this period, aimed to serve in 81 provinces and increase its delivery points to 500.
Vivense
In 2020, the Turkey-focused private equity firm Actera announced it would invest $130 million in Vivense. According to information shared by Tech.eu, the deal included the sale of shares by previous investors, including Earlybird VC and FJ Labs. It should be noted that Earlybird Digital East Fund supported Vivense in various funding rounds, holding over 40% of shares before the transaction.
Evidea
In 2019, the Topbaş family acquired a majority stake in Evidea. Tiger Global and Emre Kurttepeli transferred their shares to the Topbaş family. Additionally, Tiger Global invested a total of $5 million in Evidea over two rounds in 2013 and 2015.
Evidea, which continues to grow through its physical stores in addition to online shopping, had 17 stores in 8 provinces in 2021. At that time, the company aimed to reach 30 physical stores by the end of the year. According to information shared on its website, Evidea aims to reach 100 stores by the end of 2025.
Yemeksepeti
In 2015, Yemeksepeti.com was acquired by Delivery Hero for a valuation of $589 million. According to the deal, all shares of Yemeksepeti were transferred to Delivery Hero based on this total valuation. It was announced at that time that Yemeksepeti CEO Nevzat Aydın would continue in his role at Yemeksepeti and also play an active role in the management of Delivery Hero.
According to 2015 data, after acquiring Yemeksepeti, Delivery Hero increased its active operating countries to 32 and facilitated approximately 10 million orders per month through its network, which included more than 100,000 restaurants. Founded in 2001, Yemeksepeti was operating in 8 countries, including Turkey, at that time. In 2022, Yemeksepeti announced that it had over 30 million users. As per 2023 reports, Yemeksepeti’s loyalty program, Yemeksepeti Club, reached 2.5 million users in its first three months.
idefix
In 2013, the acquisition of idefix by the Doğan Group was completed, placing the company under D&R’s ownership. According to a statement made to Borsa İstanbul regarding the acquisition, the total valuation was 11.5 million TL. According to a notification made to the Public Disclosure Platform, the acquisition agreement included Idefix, along with other EBİ brands such as Prefix, Sabitfikir, and the recently launched HesapKitap.com. Currently, idefix operates under Turkuvaz Müzik Kitap ve Pazarlama A.Ş.
ebebek
In 2012, a majority stake in ebebek.com was sold. According to shared information at the time, ebebek.com’s capital increased from 1.5 million TL to 4 million TL and then to 4.8 million TL due to the investment received. New members from the Topbaş family joined the board of directors. After the investment and capital increase, Halil Erdoğmuş’s share ratio decreased to 41.17%, while Mustafa Latif Topbaş, Muhammed Topbaş, and Musa Topbaş’s total share rose to 50.4%. In 2023, ebebek made a public offering application, focusing on offering shares at 46.50 TL each following the approval of the Capital Markets Board. At the time, ebebek had over 200 physical stores and attracted significant interest from individual investors after the public offering.
GittiGidiyor
In 2011, eBay purchased 93% of GittiGidiyor and became the sole owner in 2016 after acquiring the remaining 7% from iLab Ventures. Reports indicate that eBay increased GittiGidiyor’s valuation to $720 million following this acquisition.
In 2022, GittiGidiyor announced it had reached the end of its 20-year journey. In an important announcement regarding GittiGidiyor, eBay disclosed that its operations would be halted.
Markafoni
Naspers acquired approx 70% of Markafoni in 2011 and thereafter took full ownership in 2014. By 2015, Cafer Mahiroğlu, head of the UK-based Select Management, acquired Markafoni for a cost of $15 million. Mahiroğlu indicated at that time that Markafoni, which ceased operations on June 30, would deliver orders faster in the new era and significantly enhance the experience in the shipping/logistics aspect. However, Markafoni closed in 2017.
Finally, besides e-commerce companies that have been sold in Turkey, it is worth noting that Morhipo has also shut down. If you would like to add any other e-commerce companies that have been sold in Turkey, please feel free to share in the comments.
Arwen Volkov, A graduate of the University of St. Gallen in Switzerland with a degree in International Finance, Arwen specializes in sustainable finance and green investments. She began her career at an investment bank in London, where she developed financing models for environmentally friendly projects. Known for her analytical and strategic thinking skills, Arwen is a sought-after financial consultant. In her spare time, she mentors fintech startups, contributing to their growth strategies. She is also a nature enthusiast and an amateur photographer.
