Kazakhstan’s Kaspi.kz Expands into Türkiye with Acquisition of Hepsiburada
Kazakhstan's innovation-driven company Kaspi.kz has announced the acquisition of a leading Turkish marketplace, Hepsiburada, marking the company's expansion into the Turkish market.
The deal includes the acquisition of around 65% of Hepsiburada’s shares from its founder and controlling shareholder, Hanzade Doğan, along with other members of the Doğan family, including Vuslat Doğan Sabancı, Begüm Doğan Faralyalı, Arzuhan Doğan Yalçındağ, and Işıl Doğan.
Hepsiburada, founded in 2000 by Hanzade Doğan, is one of Turkey’s top e-commerce platforms, known for its focus on customer service, technology, logistics, and a wide range of products. In 2023, the platform served around 12 million buyers and partnered with over 101,000 merchants, generating a gross merchandise value of approximately $4 billion.
Mikhail Lomtadze, CEO and co-founder of Kaspi.kz, expressed his excitement about the acquisition, stating: “We are thrilled to join forces with Hepsiburada, a leader in Turkish e-commerce. Expanding our target market to 100 million people is a key strategic priority for Kaspi.kz. Hepsiburada’s culture aligns closely with ours—commitment to innovation, providing top-quality services, and a focus on sustainable long-term growth. Like Kaspi.kz, Hepsiburada was founded by a visionary leader and has become a national e-commerce champion. Both companies share the same mission: to enhance the lives of our beloved customers and partners.”
Following the acquisition, both companies will retain their brands and operational structures. The combined expertise and technology of Kaspi.kz and Hepsiburada will be used to further develop e-commerce and digital services in Kazakhstan and Turkey. Lomtadze emphasized that the deal will create new opportunities for entrepreneurs in both countries.
Hanzade Doğan, founder and chairwoman of Hepsiburada, commented on the acquisition: “Today marks an important milestone for Hepsiburada, which I founded 24 years ago. As a pioneer in Turkey’s digital transformation and e-commerce sector, Hepsiburada embarks on an exciting journey with Kaspi.kz, Kazakhstan’s largest company by market capitalization. I am immensely proud of Hepsiburada’s achievements, our 10,000 employees, 101,000 merchant partners, and 12 million customers.”
Doğan highlighted Hepsiburada’s journey, which in 2021 became the first and only Turkish company to list on NASDAQ. She also expressed confidence that Kaspi.kz is the ideal partner to help Hepsiburada achieve sustainable growth and unlock its full potential.
The deal, valued at approximately $1.127 billion, is expected to be finalized in the first quarter of 2025, pending regulatory approvals in Turkey and the completion of legal formalities.
Hepsiburada is a leading Turkish e-commerce platform with over 264 million products across more than 30 categories. The company operates on a hybrid model, with both its own products and services, as well as offerings from its 101,000 merchant partners.
