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2021-08-09

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SoftBank Joins Two Gulf Wealth Funds for Debut Turkey Investment

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The announcement confirmed a Bloomberg Newsreportin July on Trendyol’s plans.</p>\n<p>Qatar Investment Authority, Abu Dhabi sovereign fundADQandPrinceville Capitalalso joined the round. It marked SoftBank’s first investment in Turkey.</p>\n<p>“The funding proceeds will support Trendyol’s growth both within Turkey and internationally,” said Demet Mutlu, the company’s founder and chief executive officer. “In particular, Trendyol will continue its investment in nationwide infrastructure, technology and logistics, accelerate digitalization of Turkish SMEs.”</p>\n<p>The e-commerce company has benefited from a surge in online buying in Turkey, which jumped 66% last year, according to the trade ministry. Trendyol’s gross merchandise value, a measure of the products it sells on its platform, has grown by about 20 times in the past three years and is on track to hit $10 billion this year, people familiar with the companysaidin April.</p>\n<p>The company may sell shares in two years through an initial public offering, the people said at the time.</p>\n<p>E-Commerce, Payments</p>\n<p>“Trendyol seamlessly integrates e-commerce, payments and delivery, with deep industry expertise in sectors such as fashion, with a unique consumer offer that we believe will be highly scalable across new markets and geographies,” said Anthony Doeh, partner forSoftBank InvestmentAdvisers, which manages the Japanese conglomerate’s Vision Fund 2.</p>\n<p>The funding round made Trendyol Turkey’s only “decacorn” with a valuation of more than $10 billion. The company hit $9.4 billion in value earlier this year when its top stakeholder, Alibaba, invested $350 million, according to the country’s commercial registry.</p>\n<p>Borsa Istanbul’s most valuable company, steelmaker Eregli Demir ve Celik Fabrikalari AS, has a market capitalization of about $8.4 billion.</p>\n<p>Tech companies in Turkey have attracted more international investment in the past year, pushing valuations higher.Hepsiburada, Trendyol’s main rival in Turkey, wasvaluedat $3.9 billion in its initial public offering onNasdaqearlier in July.Zynga Inc.bought game-maker Peak for $1.8 billion last year, and Getir, a quick grocery delivery app, fetched a$7.6 billionvaluation in its latest investment round from private equity firms in June.</p>\n<p>Citigroup Inc.is the sole financial adviser and placement agent for Trendyol in the transaction, according to the statement.</p>\n<p>Mutlu, a&nbsp;Harvard Business School&nbsp;dropout, founded the company in 2010. Trendyol has become Turkey’s largest e-commerce marketplace platform with 34% of the market, according to Euromonitor data. Hepsiburada controls 11% and n11.com has 8.3%, followed byEBay Inc.’s GittiGidiyor unit with 4.4%.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>SoftBank Joins Two Gulf Wealth Funds for Debut Turkey Investment</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSoftBank Joins Two Gulf Wealth Funds for Debut Turkey Investment\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-09 16:50 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-08-09/softbank-joins-two-gulf-wealth-funds-for-debut-turkey-investment><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Trendyol, a Turkish e-commerce company backed byAlibaba Group Holding Ltd., raised $1.5 billion in its latest financing round that includedSoftBank Group Corp.and two Gulf wealth funds.\nThe capital ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-08-09/softbank-joins-two-gulf-wealth-funds-for-debut-turkey-investment\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BABA":"阿里巴巴","SFTBY":"软银集团"},"source_url":"https://www.bloomberg.com/news/articles/2021-08-09/softbank-joins-two-gulf-wealth-funds-for-debut-turkey-investment","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127340198","content_text":"Trendyol, a Turkish e-commerce company backed byAlibaba Group Holding Ltd., raised $1.5 billion in its latest financing round that includedSoftBank Group Corp.and two Gulf wealth funds.\nThe capital raise, co-led by SoftBank’s Vision Fund 2 and General Atlantic, vaulted the Istanbul-based firm to a $16.5 billion valuation, according to an emailed statement from the company. The announcement confirmed a Bloomberg Newsreportin July on Trendyol’s plans.\nQatar Investment Authority, Abu Dhabi sovereign fundADQandPrinceville Capitalalso joined the round. It marked SoftBank’s first investment in Turkey.\n“The funding proceeds will support Trendyol’s growth both within Turkey and internationally,” said Demet Mutlu, the company’s founder and chief executive officer. “In particular, Trendyol will continue its investment in nationwide infrastructure, technology and logistics, accelerate digitalization of Turkish SMEs.”\nThe e-commerce company has benefited from a surge in online buying in Turkey, which jumped 66% last year, according to the trade ministry. Trendyol’s gross merchandise value, a measure of the products it sells on its platform, has grown by about 20 times in the past three years and is on track to hit $10 billion this year, people familiar with the companysaidin April.\nThe company may sell shares in two years through an initial public offering, the people said at the time.\nE-Commerce, Payments\n“Trendyol seamlessly integrates e-commerce, payments and delivery, with deep industry expertise in sectors such as fashion, with a unique consumer offer that we believe will be highly scalable across new markets and geographies,” said Anthony Doeh, partner forSoftBank InvestmentAdvisers, which manages the Japanese conglomerate’s Vision Fund 2.\nThe funding round made Trendyol Turkey’s only “decacorn” with a valuation of more than $10 billion. The company hit $9.4 billion in value earlier this year when its top stakeholder, Alibaba, invested $350 million, according to the country’s commercial registry.\nBorsa Istanbul’s most valuable company, steelmaker Eregli Demir ve Celik Fabrikalari AS, has a market capitalization of about $8.4 billion.\nTech companies in Turkey have attracted more international investment in the past year, pushing valuations higher.Hepsiburada, Trendyol’s main rival in Turkey, wasvaluedat $3.9 billion in its initial public offering onNasdaqearlier in July.Zynga Inc.bought game-maker Peak for $1.8 billion last year, and Getir, a quick grocery delivery app, fetched a$7.6 billionvaluation in its latest investment round from private equity firms in June.\nCitigroup Inc.is the sole financial adviser and placement agent for Trendyol in the transaction, according to the statement.\nMutlu, a Harvard Business School dropout, founded the company in 2010. Trendyol has become Turkey’s largest e-commerce marketplace platform with 34% of the market, according to Euromonitor data. Hepsiburada controls 11% and n11.com has 8.3%, followed byEBay Inc.’s GittiGidiyor unit with 4.4%.","news_type":1},"isVote":1,"tweetType":1,"viewCount":804,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":898515304,"gmtCreate":1628509696208,"gmtModify":1703507276482,"author":{"id":"3581989307561948","authorId":"3581989307561948","name":"Jyi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"[Great]&nbsp;","listText":"[Great]&nbsp;","text":"[Great]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":5,"repostSize":0,"link":"https://ttm.financial/post/898515304","repostId":"1127340198","repostType":4,"isVote":1,"tweetType":1,"viewCount":804,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}