Latest news with #TrendyolGroup
Zawya
6 days ago
- Business
- Zawya
Trendyol Group, Baykar CEO Haluk Bayraktar, ADQ and Ant International form strategic partnership
Dubai: Trendyol Group; Türkiye's leading e-commerce platform, Haluk Bayraktar, CEO of Baykar, the world's largest unmanned aerial vehicle manufacturer, ADQ, an active sovereign investor focused on critical infrastructure and global supply chains; and Ant International, a leading global digital payments and financial technology provider today announced the signing of a Memorandum of Understanding (MoU) to explore the formation of a strategic venture aimed at developing a next-generation fintech platform for the Turkish market. Following approval from the relevant regulatory authorities, this strategic partnership will enable the development of a platform that provides a comprehensive range of integrated financial services, including digital payments, retail and SME loans, deposits, investment products, and insurance. Powered by the world-class AI, e-commerce, and fintech expertise of the partners, the new venture aims to enhance the efficiency of financial transactions for individuals and small businesses across Türkiye, both within and beyond the Trendyol ecosystem. Trendyol Group President, Çağlayan Çetin stated: 'We believe this unique alliance will accelerate Türkiye's digital transformation and set an exemplary model for technology-driven financial solutions. Our ambitions are simple: we want to make financial services more accessible initially to our 250,000 SMEs to support their e-commerce and e-export potential with our strong data-analysis capabilities, and to continue contributing sustainably and significantly to our country's economic growth.' Haluk Bayraktar, Baykar CEO, emphasized that, by becoming a stakeholder in this strategic collaboration, they aim to create added value in the financial technologies ecosystem of Turkiye by combining Baykar's world-class AI and cybersecurity capabilities with Trendyol's expertise in e-commerce and Ant's world-class know-how in fintech. Bayraktar also noted: 'Through this partnership, we are combining Baykar's AI solutions and robust infrastructure with Trendyol's extensive user base and fintech experience. With a focus on high standards in risk management and security, we will build a fully domestic fintech infrastructure'. Michael Evans, President of Alibaba Group, added: 'This strategic partnership, which reflects our confidence in Türkiye, will bring a valuable investment and an innovative fintech platform to the country. We believe that smart, accessible digital financial services offered to individual and corporate customers in Türkiye will not only improve daily life, but also contribute significantly to the sustainable growth of Türkiye's economy and the development of its financial ecosystem.' Mansour AlMulla, Deputy Group Chief Executive Officer of ADQ, said: 'Türkiye's dynamic economy and growing digital landscape continue to present promising opportunities across sectors. This proposed collaboration brings together strong partners with complementary capabilities, reflecting shared interest in advancing innovative financial solutions that support the country's broader digital transformation'. Yi Zhou, Ant International CFO, said: 'Türkiye, with its young and digitally focused population and advanced e-commerce marketplace, holds a valuable place in the global digital ecosystem. We are excited to work with like-minded partners and develop inclusive digital financial solutions for this vibrant digital economy with our cutting-edge technologies, including AI and blockchain'. About Trendyol Group Founded in 2010, Trendyol is Türkiye's leading e-commerce platform and one of the most prominent players in the global market. Through its applications available in Türkiye, Germany, Azerbaijan, the Gulf countries, Romania, Czechia, Slovakia, Poland, Hungary, Bulgaria and Greece, Trendyol connects 250,000 sellers with over 40 million customers. About Baykar Baykar is a leading company in the development of unmanned systems and high technology on a global scale. As of 2025, it has established a strong presence in international markets through exports to 36 countries. Its high-performance AI-driven autonomous technologies significantly enhance operational efficiency and deliver an exceptional user experience. The company continues to push the boundaries of technology and innovation with its nationally developed and proprietary solutions, while contributing to global digital transformation through its pioneering vision and commitment to research and development. About ADQ Established in 2018, ADQ is an active sovereign investor with a focus on critical infrastructure and global supply chains. As a strategic partner to the Government of Abu Dhabi, ADQ invests in the growth of business platforms anchored in the Emirate that deliver value to local communities and long-term financial returns to its shareholder. ADQ's total assets amounted to USD 251 billion as of 31 December 2024. Its rapidly expanding portfolio encompasses companies across numerous core sectors of the economy, including energy and utilities, transport and logistics, food and agriculture, healthcare and life sciences, financial services, infrastructure and critical minerals, real estate investments, and sustainable manufacturing. About Ant International With headquarters in Singapore and main operations across Asia, Europe, the Middle East, and Latin America, Ant International is a leading global provider of digital payments, digitisation, and financial technology. Through collaboration with both the private and public sectors, our unified techfin platform supports financial institutions and merchants of all sizes in achieving inclusive growth through a comprehensive range of cutting-edge digital payment and financial services solutions.
Yahoo
6 days ago
- Business
- Yahoo
Trendyol, Baykar CEO, ADQ and Ant International to develop fintech platform in Turkey
ANKARA (Reuters) -Turkey's Trendyol Group, Baykar CEO Haluk Bayraktar, Abu Dhabi's sovereign fund ADQ and Ant International have agreed to explore a potential joint fintech venture offering digital financial services in Turkey, the companies said on Wednesday. The four parties signed a memorandum of understanding to form a platform that would provide services including digital payments, loans, deposits, investments and insurance. The launch would be subject to regulatory approvals. The companies said the platform would target individuals and small businesses, with a particular focus on Trendyol's network of sellers. "The project aims to combine Trendyol's e-commerce infrastructure, Baykar's AI and cybersecurity tools and Ant's experience in financial technology," a statement said. Bayraktar, best known for leading Turkey's top drone manufacturer, said the initiative would rely on domestic infrastructure and aim for high security standards. Alibaba Group President Michael Evans, representing Trendyol's main investor, said the partnership reflected interest in Turkey's digital economy while ADQ's deputy CEO, Mansour AlMulla, cited the country's growth potential in the sector. Ant International said Turkey's large and digitally active population made it a significant market. The companies did not disclose an expected investment size.
Yahoo
06-05-2025
- Business
- Yahoo
Uber to Buy Controlling Stake in Turkish Food Delivery Platform Trendyol Go for $700 Million
Uber Technologies (UBER) said Tuesday it agreed to acquire an 85% stake in Trendyol Group's Turkish Upgrade to read this MT Newswires article and get so much more. A Silver or Gold subscription plan is required to access premium news articles.
Time of India
06-05-2025
- Business
- Time of India
Uber to buy controlling stake in Turkey's Trendyol GO food delivery business for $700 million
The stake purchase from Turkish e-commerce firm Trendyol Group gives Uber control of a platform that serves customers nationwide, delivering groceries and meals from over 90,000 restaurants and markets through 19,000 couriers. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Uber said it would buy a majority 85% stake in Turkish food and grocery delivery platform Trendyol Go for $700 million, as the ride-hailing giant looks to tap new growth markets amid signs of saturation in its mainstay North American stake purchase from Turkish e-commerce firm Trendyol Group gives Uber control of a platform that serves customers nationwide, delivering groceries and meals from over 90,000 restaurants and markets through 19,000 2024, Trendyol Go delivered more than 200 million orders and racked up about $2 billion in gross bookings, marking a year-on-year surge of more than 50%, Uber said on deal, expected to close in the second half of 2025, will immediately add to the U.S. company's growth. The Trendyol Go app will continue to operate independently, while Uber plans to integrate features from its delivery arm, Uber Eats, over move comes weeks after Uber terminated its $950 million bid for Delivery Hero's Foodpanda business in Taiwan, due to regulatory hurdles, including anti-competitive concerns raised by the island nation's government in a dominant ride-hailing service in North America, Uber has been trying to reassure investors of its growth potential by expanding its business portfolio and collaborating with self-driving vehicle has also been facing competition from rivals such as DoorDash in the food-delivery said earlier in the day it would buy Deliveroo in a deal valuing the British rival at about 2.9 billion pounds ($3.85 billion), banking on a bigger reach and local expertise to take on competition. The acquisition will help DoorDash grow its market share in Europe, competing against Just Eat and Uber is slated to report first-quarter results on Wednesday.
TechCrunch
06-05-2025
- Business
- TechCrunch
Uber Eats comes to Turkey via $700M Trendyol Go acquisition
Uber is expanding its presence in Turkey with its latest acquisition. The ride-hail and delivery giant has acquired an 85% controlling stake in Trendyol Go, the online meal and grocery delivery business based in Istanbul, for about $700 million in cash. The deal gives Uber instant market share for Uber Eats in the country, where Uber currently only operates a ride-hail service. Uber's acquisition announcement comes a day before the company is scheduled to report its first-quarter earnings. And with consumer spending projected to fall in 2025 due to President Trump's tariffs, investors will want reassurance that Uber is still poised for growth, even as the company recently pulled out of its $950 million bid for Delivery Hero's Foodpanda business in Taiwan. Uber has been laying the groundwork for expansion in other arenas, too. It seems like every few weeks, Uber announces a new autonomous vehicle partnership across its ride-hail, delivery, and freight verticals. Trendyol Go is the food delivery arm of parent company Trendyol Group, a fashion and retail e-commerce platform, which is majority-owned by Alibaba. The company said in a filing that it delivered more than 200 million orders in 2024, generating $2 billion in gross bookings, which was up 50% from the previous year. There are more than 90,000 restaurants and 19,000 couriers on its marketplace. The acquisition is expected to close in the second half of 2025. When it does, users will be able to keep using the Trendyol Go app, and Uber will 'introduce key capabilities over the coming years from Uber Eats,' the company said. TechCrunch has asked Uber for more information. Techcrunch event Exhibit at TechCrunch Sessions: AI Secure your spot at TC Sessions: AI and show 1,200+ decision-makers what you've built — without the big spend. Available through May 9 or while tables last. Exhibit at TechCrunch Sessions: AI Secure your spot at TC Sessions: AI and show 1,200+ decision-makers what you've built — without the big spend. Available through May 9 or while tables last. Berkeley, CA | BOOK NOW Uber's latest acquisition comes as it struggles for market share back home in the U.S. due to competition from DoorDash. In February, Uber filed suit against DoorDash, alleging anticompetitive behavior. DoorDash has urged the courts to dismiss the case. Earlier today, DoorDash announced two major acquisitions to expand its presence in Europe: The U.K.'s Deliveroo for $3.86 billion and SevenRooms for $1.2 billion.
