Partnering in Hepsiburada’s journey to become Türkiye’s first Nasdaq IPO

In the mid-2010s, Türkiye’s e-commerce sector was on the cusp of transformation, driven by rising internet penetration, a young population and growing demand for online shopping.
Recognising the opportunity, the EBRD made an equity investment in Hepsiburada alongside Abraaj, IFC and Hermes, taking a collective 25% stake. At the time of the EBRD’s investment, Hepsiburada was a fast-growing, founder-led business with ambitions to scale up its marketplace model, enhance logistics and professionalise its governance. The investment came at a pivotal moment, enabling the company to expand its infrastructure and democratise access for small and medium-sized enterprises (SMEs) and local producers. Ultimately, it evolved into a leading regional e-commerce player.

Hepsiburada embedded environmental, social and governance (ESG) principles into its operations and launched initiatives that directly supported inclusion and sustainability, including:

• Technology Power for Women Entrepreneurs: providing training, tools and visibility for women-led businesses, reaching tens of thousands of beneficiaries
• HepsiTürkiye’den: promoting local producers and artisans, strengthening domestic value chains and cultural heritage
• carbon footprint reduction programmes: optimising logistics and packaging to minimise environmental impact.
  

These efforts positioned Hepsiburada as a platform for inclusive growth, empowering entrepreneurs and advancing gender equality in Türkiye’s digital economy.

Hepsiburada became the first Turkish company to list on Nasdaq in 2021. This milestone enabled a partial exit for financial investors and validated the EBRD’s approach of backing founder-led businesses and guiding them towards becoming institutional-grade platforms.

In 2025, Hepsiburada was acquired by Kaspi.kz, a leading fintech and e-commerce player in Central Asia, completing the Bank’s exit and further cementing Hepsiburada’s position in the regional digital economy.

Today, Hepsiburada is Türkiye’s leading online marketplace, recognised for its strong ESG credentials, inclusive impact and global investor appeal. Its journey illustrates how targeted co-investment can drive digital innovation, empower entrepreneurs and create sustainable value in emerging markets.

Overall, the project supported Hepsiburada’s transformation into a leading digital platform in Türkiye by strengthening governance, modernising infrastructure and expanding marketplace access for SMEs. It contributed to a more inclusive digital economy by enabling thousands of entrepreneurs, particularly women and local producers, to reach customers nationwide, while also advancing more sustainable e-commerce practices.