Turkish e-commerce firm valued at $16.5 billion

Turkish e-commerce firm Trendyol, backed by Chinese internet giant Alibaba, said on Monday it had entered into agreements to raise $1.5 billion from a number of high-profile investors, valuing the company at $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,” company’s founder Demet Suzan Mutlu said.

Founded in 2010, Trendyol serves more than 30 million shoppers, delivering more than 1 million packages per day from groceries to clothes.

In June, Reuters reported, citing sources, that the company was in talks to raise funds.