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Trendyol, the Turkish e-commerce platform owned by Alibaba Group (BABA), announced plans on Monday to invest USD 2 billion in Turkey. The investment is earmarked for the construction of new facilities in Ankara and Istanbul.
Alibaba intends to establish a data and logistics center in Ankara and will also set up an export business center at Istanbul Airport.
Founded in 2010, Trendyol specializes in the fashion and retail sectors. By 2021, the company achieved a valuation of USD 16.5 billion, making it Turkey's first "decacorn (unicorns with over USD 10 billion in valuation)."
Alibaba Group is the largest shareholder of the company, holding an 86.5% stake. To date, through its investment in Trendyol, Alibaba has poured USD 1.4 billion into Turkey.
This new investment signifies Alibaba's continued commitment to the Turkish market and its strategic vision for the region.
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