Middle East

China's Alibaba invests $350 mln in capital increase to Turkey's Trendyol -trade registry

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The logo of Alibaba Group is seen at its office in Beijing, China January 5, 2021. REUTERS/Thomas Peter/File Photo

ISTANBUL, April 20 (Reuters) - Chinese internet giant Alibaba invested $350 million in Turkish e-commerce firm Trendyol in a capital increase, according to an entry in the country's trade registry.

Trendyol, one of Turkey's best known e-commerce platforms, has drawn backing from foreign investors and holds a leading position in Turkey's fragmented e-commerce market.

Alibaba, which purchased Trendyol in 2018, increased its stake to 86.5% after the transaction according to the registry.

Trendyol declined to comment.

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Reporting by Ebru Tuncay Writing by Ezgi Erkoyun

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