How Trendyol Became Turkey’s First $16.5B Decacorn

Trendyol began as a modest fashion startup in 2010, founded by Demet Mutlu after leaving Harvard Business School. What started with $300,000 in personal savings quickly gained traction, crossing $100 million in GMV within months and attracting early backing from global investors like Tiger Global Management.

Building Scale and Trust

Over the years, Trendyol evolved into a dominant e-commerce platform, serving 40 million customers and delivering 2.5 million packages daily across 35 countries. By 2024, it processed over $12.5 billion in annual GMV and achieved operational profitability in Turkey—marking a rare combination of scale and sustainability. The company also expanded into advanced technologies, including developing its own large language model.

Strategic Expansion and Major Bets

A defining milestone came in May 2025, when Uber acquired 85% of Trendyol’s delivery arm, Trendyol Go, for $700 million. The unit alone generated $2 billion in gross bookings and handled 200 million orders in 2024, giving Uber instant market penetration without building new infrastructure.

Turkey’s First Decacorn

Trendyol’s rise culminated in 2021 when Alibaba Group and global investors—including SoftBank Vision Fund and ADQ—backed a $1.5 billion round, valuing the company at $16.5 billion. This milestone established Trendyol as Turkey’s first decacorn and redefined the country’s potential in the global tech ecosystem.

Redefining a Market

Beyond valuation, Trendyol reshaped Turkey’s e-commerce landscape, capturing a leading market share and setting a new benchmark for startups in emerging markets—proving that global-scale companies can be built from anywhere.