Kazakhstan fintech Kaspi.kz has announced it is acquiring the majority share of Hepsiburada for a sale price of $1.1 billion.

Hepsiburada is a leading e-commerce platform based in Türkiye, founded in 2000 by Hanzade Doğan. It operates as a hybrid model, combining first-party direct sales with a third-party marketplace, offering over 264 million stock-keeping units across more than 30 product categories.

The company serves approximately 12 million active customers and partners with around 101,500 merchants, making it one of the largest e-commerce platforms in the region.

Kaspi.kz, whose shares are traded on the Kazakhstan and NASDAQ stock exchanges, signed a binding agreement with Hanzade Doğan, the founder and controlling shareholder of D-Market Electronic Services and Trade Inc., and Vuslat Doğan Sabancı, Begüm Doğan Faralyalı, Arzuhan Doğan Yalçındağ, and Işıl Doğan for the transfer of the A and B group shares representing 65.4 per cent of Hepsiburada.

According to Kaspi.kz CEO and co-founder Mikhail Lomtadze, expanding the company’s total market to a population of approximately 100 million was a major priority. 

He sees the share acquisition as a great benefit to entrepreneurs and SMEs in Kazakhstan and Turkey, and cites Hepsiburada as “a perfect cultural fit due to its innovative culture, focus on providing high-quality services to consumers and partners, and commitment to long-term sustainable growth.”

“Like Kaspi.kz, Hepsiburada was founded by a visionary business leader, an entrepreneurial and domestic e-commerce company.”

Following the completion of the transaction, both companies will maintain their own brands and organisational structures. 

“As we continue to develop e-commerce and digital services in Turkey and Kazakhstan, we aim to benefit from the extensive knowledge and technology accumulation of the Kaspi.kz and Hepsiburada teams.” 

Kaspi.kz aims to work with Hepsiburada to develop more engaging products and services for consumers and sellers, sharing experiences, and mutual learning from both companies.

Hepsiburada founder and Chairman of the Board Hanzade Doğan said:

“Today is an important milestone for the Hepsiburada Group, which I founded 24 years ago. 

Hepsiburada, which pioneered Turkey’s digitalisation journey with innovative e-commerce applications, is taking a step into an exciting future with Kazakhstan’s largest group, Kaspi.

I am very proud of the value Hepsiburada has created with its approximately 10 thousand competent workforce, 101 thousand business partners and 12 million active customers.

Our entire ecosystem worked tirelessly to create one of Turkey’s strongest brands. In 2021, we had the honour of flying our country’s flag among global technology giants as the first and only company in Turkey traded on NASDAQ.” 

Doğan shared that the partnership “will undoubtedly strengthen Hepsiburada’s position in our e-commerce sector with its trust in Turkey and investment appetite.”

“I would like to express my heartfelt gratitude to all our stakeholders who believe in the values ​​that shape Hepsiburada. As we begin this new era, I wish Hepsiburada and Kaspi great success in their joint journey.”

The share transfer agreement is subject to customary closing conditions and the receipt of administrative permits in Turkey; the closing is expected to take place in the first quarter of 2025.