Trendyol, the e-commerce platform supported by the China-based Alibaba Group, is in talks to receive funding that will raise its valuation to USD 16.5bn (TRY 140bn), according to Bloomberg. The new funding will make the company the biggest startup in the country. Talks are ongoing for Trendyol to raise around USD 1.5bn from investors, including General Atlantic, with the deal expected to be completed this week. Alibaba invested USD 350m in Trendyol in a capital increase and raised its share to 86.5%. The transaction enabled the company to hit USD 9.4bn valuation. Over the last three years, the firm grew its gross merchandise value by about 20 times and is said to be on track to do about USD 10bn in gross merchandise value in 2021. Trendyol in October entered the European market through a website to serve 27 countries, including Italy, Spain and the UK. The firm accounts for 34% of the Turkey’s e-commerce market.

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