The parent company of Turkish e-commerce platform Hepsiburada said on Friday (December 17th) that it had reached a definitive deal to buy Turkish consumer finance company Doruk Finasman for the equivalent of $ 1.3 million.
Parent company D-MARKET Electronic Services & Trading mentioned in a Press release that the acquisition is “in line with its strategy to add additional fintech capabilities to Hepsipay Wallet and its integrated value offerings”. According to the company, one of the main strengths of D-MARKET is Doruk Finasman’s ability to offer buy now, pay later (BNPL) packages.
D-MARKET added that the transaction is expected to close in early 2022. In accordance with Turkish regulations, the company has requested KPMG to âissue an independent valuation report regarding the value of the transactionâ.
Hepsiburada was founded in Istanbul in 2000. The company’s Turkish name translates into English as âeverything hereâ or âeverything is hereâ.
In the statement, D-MARKET states that Hepsiburada is one of Turkey’s leading e-commerce platforms, adding that it combines “a globally proven e-commerce business model with a” Super App “to One stop shop to meet the daily needs of our customers and to help make people’s daily lives better.
The company’s offerings include same-day delivery of groceries and other merchandise, airline tickets, digital payment services, and products from around the world. D-MARKET indicates in its marketing materials that in September 2021, Hepsiburada had connected 39.6 million âmembersâ with 67,000 âactive merchantsâ.
Read more: Hepsiburada completes its US IPO as it contemplates the future of the super-app
Hepsiburada held its initial public offering (IPO) on the Nasdaq stock exchange in July 2021 and quickly reached a valuation of $ 1.9 billion.
“We aim to use the product to expand our services, not only in our domestic market of Turkey, but also in neighboring and high potential markets,” Founder and President Hanzade DoÄan Boyner said at the time. âThere are strong markets in the Middle East, North Africa and Eastern Europe. “
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