Trendyol and PASHA Holding sign an agreement for a joint venture in the Azerbaijan market
ISTANBUL, May 1, 2023 /PRNewswire/ -- Trendyol, the leading e-commerce platform in Türkiye and one of the largest technology companies in Europe, has today announced that it is entering the Azerbaijan market.
With an agreement signed with Baku-based PASHA Holding, one of the largest conglomerates in the Caucasus region, to establish a joint venture company to provide e-commerce services in Azerbaijan, Trendyol is taking another step in its international growth strategy, after launching its first platform outside Türkiye, in Germany, in 2022.
Çağlayan Çetin, President of Trendyol Group, stated: "The synergies created by PASHA Holding's experience in the Azerbaijan market and Trendyol's expertise in technology, logistics and manufacturing will make significant contributions to the development of the e-commerce ecosystem in Azerbaijan. The platform will also serve to bring together Turkish and Azerbaijani producers, sellers and customers and thus will be the first ecosystem to serve the interests of both countries."
PASHA Holding CEO Jalal Gasimov commented: "The interest for e-commerce has surged in Azerbaijan due to its convenience, wider product selection, and competitive pricing. This agreement will enhance the customer journey by providing easy access to a wider product assortment at affordable prices, while also offering embedded finance products and other services of Azerbaijani companies including PASHA Ecosystem to improve overall financial health."
Founded in Istanbul thirteen years ago, Trendyol has evolved from a private label fashion site to Türkiye's leading multi-category marketplace. In 2021, it became the first ever decacorn in the country following a fundraising round. In addition to its platform in Türkiye, it operates a fashion site in Germany, Trendyol.de and wholesales its own-brand fashion labels to more than ninety of the world's leading online platforms.
About Trendyol
Founded in 2010, Trendyol is the leading e-commerce platform in Türkiye and one of the largest technology companies in Europe. Trendyol continues to create value by maintaining one of Türkiye's pioneering R&D centers, Trendyol Tech; Türkiye's fastest growing logistics network, Trendyol Express; instant grocery and meal delivery service, Trendyol Go and Türkiye's largest secondhand goods platform, Dolap. Trendyol brings Turkish manufacturers together with 27 European countries, via trendyol.com/de for German customers, and trendyol.com/en. Trendyol also reaches customers in more than 90 countries through partner platforms with its B2B model. Trendyol enables domestic producers to e-export to more than 100 countries. Trendyol will serve customers directly through its own platform in Azerbaijan. Last year, Azerbaijan ranked first in terms of international orders placed on Trendyol. In addition, according to data provided by App Annie, Trendyol was the most downloaded app in Azerbaijan in 2022.
About PASHA Holding
Established in 2006, PASHA Holding is a leading business conglomerate based in Azerbaijan. With diverse business interests across a wide range of sectors, including banking, insurance, construction, groceries, agriculture, hospitality and others, PASHA Holding operates in Azerbaijan, Turkey, Georgia and Montenegro. In addition to its traditional offline businesses, PASHA Holding has established a significant presence in the digital retail ecosystem by offering value-added services around its core retail banking services (i.e. BirBank by Kapital Bank) for consumers. These services include a merchant-sponsored bonus program across main consumption categories, a B2C marketplace with a focus on consumer electronics, beauty, and household goods, digital wallet services, and other services from different business verticals.
Media contact:
Greta Willenbrock, Edelman GmbH
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+49 30 221829046
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