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Technology

SoftBank investment in Trendyol creates Turkey's first decacorn

Alibaba-owned e-commerce platform reaches $16.5bn valuation in latest funding round

Trendyol, Turkey's largest e-commerce company, operates delivery service Trendyol Express. (Photo courtesy of Trendyol) 

ISTANBUL -- Turkey's largest e-commerce company, Trendyol, said on Monday it has agreed to raise $1.5 billion in fresh funding from global institutional investors, including the SoftBank Vision Fund 2 and General Atlantic, driving up the Alibaba Group unit's valuation to $16.5 billion.

In a statement Trendyol said that the funding makes the online marketplace operator Turkey's first decacorn -- an unlisted company valued at more than $10 billion.

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