Kaspi.kz Acquires 65.4% Stake in Türkiye’s Hepsiburada for USD 1.1bn

By Velizar Velikov, Head of M&A Database at EMIS

Kazakhstan-based fintech giant Kaspi.kz  announced a USD 1.1bn acquisition of a 65.4% stake in Hepsiburada, one of Türkiye’s leading e-commerce platforms, from members of the Doğan family. The deal, payable in two cash installments, is expected to close in the first quarter of 2025, pending regulatory approval in Türkiye. 

The acquisition gives Kaspi.kz access to Türkiye’s vibrant market of 85 million people, marking a significant milestone in its regional expansion strategy. Hepsiburada will retain its branding and operational independence, while both companies plan to leverage their combined expertise to drive digital growth and create new opportunities for small- and medium-sized enterprises (SMEs) and entrepreneurs in Kazakhstan and Türkiye.

Founded in 2000, Hepsiburada has grown into a key player in Türkiye’s e-commerce market, serving 12 million customers and 101,000 merchants. Its ecosystem spans over 264 million products across 30 categories, including delivery, advertising, grocery services, and payments through its Hepsipay platform. In 2023, Hepsiburada generated USD 4bn in gross merchandise value (GMV) and achieved EBITDA-positive results equivalent to 2.4% of GMV in the first half of 2024. In 2021, Hepsiburada made history as the first Turkish company to be listed on NASDAQ, following its USD 681mn IPO.

Kaspi.kz, with its flagship Kaspi Super App and Kaspi Pay Super App, has built Kazakhstan’s most popular mobile ecosystem, boasting 14 million monthly active users (MAU) in 2023 and supporting 581,000 merchants. By combining Hepsiburada’s innovative marketplace with Kaspi.kz’s expertise in payments and fintech, the companies aim to revolutionize digital commerce in both markets. Kaspi.kz was listed on the NASDAQ in 2020.

Mikheil Lomtadze, CEO of Kaspi.kz, emphasized the shared entrepreneurial culture and commitment to customer-centric innovation between the two companies. Hanzade Doğan, founder and chairwoman of Hepsiburada, highlighted the acquisition as a key moment in Hepsiburada’s 24-year journey, underscoring Kaspi.kz’s ability to help the platform reach its full potential while strengthening Türkiye’s e-commerce sector.

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