The parent company of Turkish eCommerce platform Hepsiburada said on Friday (Dec. 17) that it has entered into a definitive agreement to buy Turkish consumer finance company Doruk Finasman for the equivalent of $1.3 million.
Parent company D-MARKET Electronic Services & Trading stated in a news release that the acquisition is “in line with its strategy to add incremental fintech capabilities to Hepsipay Wallet and its embedded value offerings.” A key draw for D-MARKET, according to the company, 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 line with Turkish regulations, the company has retained KPMG to “issue an independent valuation report with respect to the Transaction Value.”
Hepsiburada was founded in Istanbul in 2000. The company’s Turkish name translates to English as “all here” or “everything is here.”
In the release, D-MARKET says that Hepsiburada is one of Turkey’s leading eCommerce platforms, adding that it combines “a globally proven eCommerce business model with a one-stop ‘Super App’ to cater to our customers’ everyday needs and to help make people’s daily lives better.”
The company’s offerings include same-day delivery of groceries and other goods, airline tickets, digital-payment services and products from around the world. D-MARKET states in marketing materials that as of September 2021, Hepsiburada had connected 39.6 million “members” with 67,000 “active merchants.”
Read more: Hepsiburada Finishes Off US IPO As It Eyes Super-App Future
Hepsiburada held its initial public offering (IPO) on the Nasdaq exchange in July 2021 and quickly reached a valuation of $1.9 billion.
“We are aiming to use the proceeds to expand our services, not only in our home market of Turkey, but also in nearby and high-potential markets,” Founder and Chairwoman Hanzade Doğan Boyner said at the time. “There are strong markets in the Middle East, North Africa and Eastern Europe.”
See also: Turkish Grocery Delivery App Getir Adds More Investment Capital
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