The logo of Turkey's leading fashion e-commerce company Trendyol is pictured at the entrance of the company's headquarters in Istanbul, Turk

Turkey's Trendyol in talks to raise $2 bln investment -sources

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2021-06-16 11:00:05

The logo of Turkey's leading fashion e-commerce company Trendyol is pictured at the entrance of the company's headquarters in Istanbul, Turkey, June 22, 2016. REUTERS/Murad Sezer

ISTANBUL, June 15 (Reuters) - Turkish e-commerce firm Trendyol, backed by Chinese internet giant Alibaba, is in discussions to raise $2 billion from investors, two sources with direct knowledge of the matter told Reuters.

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.

"Trendyol is in discussions to raise $2 billion from global investors," said one of the sources, speaking on condition of anonymity.

The company, which is expected to achieve $10 billion gross merchandise value (GMV) this year, was advised by Citi, the source said, adding that the fundraising is expected to close by the end of this month.

"The fundraise is expected to close in June and aims to diversify the shareholding base prior to the company's planned IPO in 2023," the source said.

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