eCommerce: Acquisitons

Kaspi to Acquire Stake in Hepsiburada, Expanding Presence in Turkey

Kaspi.kz's acquisition of a 65% stake in Hepsiburada aims to expand its regional reach, stabilize growth, and create new opportunities for SMEs in Turkey and Kazakhstan.

Article by Cihan Uzunoglu | October 24, 2024

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Hepsiburada Acquisition: Key Insights 

  • Kaspi’s Regional Expansion: With a 65% stake in Hepsiburada, Kaspi.kz aims to strengthen its presence in the region, enhance collaboration in eCommerce, and create new growth avenues for SMEs in both Turkey and Kazakhstan.

  • Diverse Growth Patterns: While Kaspi has enjoyed consistent growth, Hepsiburada’s path has been more uneven. The acquisition is intended to stabilize Hepsiburada's performance and boost Kaspi’s influence in the broader market.


Kazakhstan’s fintech giant Kaspi.kz is set to acquire a 65% controlling share in Hepsiburada, one of Turkey’s largest eCommerce platforms. This strategic move aims to enhance Kaspi.kz’s regional presence, expanding its reach to a market of 100 million people. 

The acquisition, valued at approximately US$1.13 billion, is expected to close in early 2025, pending regulatory approvals. 

New Opportunities for Expansion 

With this deal, both companies will maintain their distinct brands but will collaborate to leverage their combined expertise in eCommerce and digital services. The partnership promises growth for small and medium-sized enterprises (SMEs) in Turkey and Kazakhstan through knowledge sharing and enhanced technology integration.

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Kaspi.kz’s CEO, Mikheil Lomtadze, highlighted Hepsiburada’s focus on innovation and profitable growth as key factors in this acquisition. 

Growth of Kaspi and Hepsiburada 

Looking at the growth trajectories of Kaspi and Hepsiburada, we see two successful online marketplaces. These players are ranked 35th and 49th among the top online marketplaces worldwide:

Year-Over-Year Gross Merchandise Volume (GMV) Growth of Kaspi and Hepsiburada, 2019-2025

  • In 2019, Kaspi’s GMV skyrocketed by 236%, while Hepsiburada grew at a more modest 33%.

  • Both saw significant changes in 2020 and 2021: Kaspi’s growth moderated to 59% in 2020 and surged again to 126% in 2021, while Hepsiburada peaked at 72% in 2020 but slowed to 22% by 2021.

  • By 2022, Kaspi’s growth stabilized at 40%, forecasted to remain around 43% through 2024, tapering to 27% by 2025; Hepsiburada dropped to 10% in 2022, rebounded to 50% in 2023, but is expected to slow to 23% in 2024 and 24% in 2025.  

While Kaspi managed to sustain strong growth over the years, Hepsiburada has faced more volatility, despite its recent recovery. The acquisition is set to bring together two companies with differing strengths and market dynamics, potentially stabilizing Hepsiburada’s growth and expanding Kaspi’s influence.

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Future Prospects & Strategic Alignment 

Hepsiburada founder Hanzade Doğan expressed confidence that the partnership would unlock new opportunities for Hepsiburada to continue its digitalization efforts and boost its market position. 

By joining forces with Kaspi.kz, both companies aim to strengthen their offerings, providing improved services to consumers and merchants across both countries. This move also signals Kaspi.kz’s broader ambitions to expand beyond Kazakhstan and become a major player in the global eCommerce market.


Sources: Yahoo! Finance, ECDB

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