Uber is reportedly in discussions to acquire Trendyol Go, the food and grocery delivery arm of Turkish e-commerce giant Trendyol. The discussions between Uber and Trendyol are ongoing, and there is no certainty that a deal will be finalised, reports Bloomberg. This potential acquisition aligns with Uber’s strategy to expand its delivery services in emerging markets.
Interestingly, Trendyol Go operates under Trendyol, which is majority-owned by China’s Alibaba Group. The service focuses on rapid delivery of food and groceries, leveraging Trendyol’s extensive logistics network across Turkey.
Trendyol itself has been exploring roads for growth, including a possible dual listing IPO in Istanbul and either New York or London once international revenues constitute 30–35% of total income (up from the current 5%).
While specific financial details of the potential deal have not been disclosed, the acquisition would mark a significant move for Uber, enhancing its presence in Turkey’s competitive delivery market. This market has seen recent shifts, like Abu Dhabi’s Mubadala Investment Co. taking full control of Getir (another major Turkish delivery platform).
Meanwhile, Trendyol led the Turkish e-commerce market with revenues of around $5.46 billion in 2024, followed by Hepsiburada with $1.72 billion. Trendyol held a 25% share of Turkey’s e-commerce market in 2022, positioning it as the second-largest platform after Hepsiburada. Even, Trendyol is also reportedly exploring acquisitions in the Middle East, Europe, and Turkic countries, targeting companies valued between $500 million and $6 billion.
However, despite all this, the journey for Trendyol has not been smooth. For example, in 2023, the company faced a significant regulatory setback when Turkey’s Competition Authority fined it 61 million Turkish liras for manipulating its algorithms to favour certain sellers and products, constituting unfair competition. Additionally, the company was also involved in a bribery allegation concerning unregistered payments to a newspaper in exchange for negative coverage of new e-commerce legislation.
Even, Uber’s operations in Turkey have been marked by significant legal challenges, regulatory hurdles, and public controversies since its entry into the market in 2014. The company’s presence has been a focal point of tension between modern ride-sharing services and traditional taxi operators, leading to a series of legal battles and regulatory actions. However, last year the company reported significant growth globally, with total revenue reaching $43.9 billion, an 18% increase year-over-year.
Speaking of financials, Trendyol has raised around $1.85 billion in total funding across multiple rounds to date. This includes a significant $1.5 billion Series D round in August 2021, which valued the company at $16.5 billion, making it Turkey’s first ‘decacorn’ startup. Its investors include Alibaba Group, SoftBank Vision Fund 2, General Atlantic, Abu Dhabi Developmental Holding Company (ADQ), Qatar Investment Authority (QIA) and more.
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