Hepsiburada: Turkey’s E‑Commerce Pioneer Acquired by Kaspi.kz

On January 29, 2025, Kazakhstan-based Kaspi.kz completed the acquisition of a 65.41 % controlling stake in Turkish e-commerce platform Hepsiburada for approximately $1.127 billion USD. The purchase includes a $600 million cash payment at closing and a deferred payment of $526.9 million, backed by collateral in Class B shares. The transaction received the necessary regulatory approvals from Turkish authorities, giving Kaspi.kz formal control while allowing Hepsiburada to continue operating under its existing brand and structure.

Kaspi.kz’s strategic objective with this acquisition is to expand its total addressable market across Türkiye and Kazakhstan, reaching a combined population of nearly 100 million. The company plans to integrate Hepsiburada’s e-commerce operations with its existing SuperApp model, which consolidates payments, marketplace services, and fintech offerings. Both organizations emphasize long-term, profitable growth and will operate independently post-transaction.

Hanzade Doğan, founder of Hepsiburada, stated that the company is beginning a new chapter with Kaspi.kz, which she described as “the ideal partner to help Hepsiburada deliver on the next phase of its growth.” She highlighted Kaspi.kz’s position as a NASDAQ-listed company focused on innovation and customer-centric services. Doğan added that the investment is expected to strengthen Hepsiburada’s role in Türkiye’s e-commerce sector and contribute positively to the country's SMEs, entrepreneurs, and consumers.

Sources: dunya.com, yahoo finance, csi market

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