Hepsiburada’s $1.13B deal: Türkiye’s leading e-commerce platform sold to Kazakh giant Kaspi

Hepsiburada, one of Türkiye’s top online shopping platforms, is set to change hands as Kazakh e-commerce powerhouse Kaspi.kz acquires a majority stake in the company.

The $1.13 billion deal is expected to be finalized in the first half of 2025.

65.41% stake sold to Kaspi.kz

In a major move, Kaspi.kz has agreed to purchase 65.41% of Hepsiburada‘s parent company, D-Market, for $1.13 billion.

The acquisition was confirmed after members of the Dogan family signed the agreement, marking a strategic shift for the Türkiye-based e-commerce brand.

Deal expected to close in 2025

The acquisition is contingent on regulatory approvals, with expectations for completion by mid-2025.

Under the agreement, Kaspi.kz will pay $600 million at the close of the deal, followed by an additional $526.9 million within six months of the closure.

Hepsiburada’s value soars beyond market price

Shares of Hepsiburada closed at $2.20, valuing the company at $707 million, according to LSEG data. The acquisition’s valuation, however, implies a market value of $1.7 billion—approximately 2.5 times its current market capitalization.

‘Both companies will retain their brands’

Mikheil Lomtadze, CEO of Kaspi.kz, highlighted the opportunities the deal presents for both nations:

“We believe that SMEs and entrepreneurs in Kazakhstan and Türkiye will benefit from the new opportunities arising between our countries. Following the transaction, both companies will continue to operate under their own brands and maintain their organizational structures. Our goal is to enhance e-commerce and digital services across both nations while leveraging the extensive expertise and technology of Kaspi.kz and Hepsiburada.”

Strategic partnership for innovation

Hanzade Dogan, Founder and Chairwoman of Hepsiburada, described the partnership as a thrilling step forward:

“Hepsiburada is embarking on an exciting future with Kaspi, the largest group in Kazakhstan. Kaspi’s innovative approach and focus on enhancing customer experiences make it the ideal partner to unlock Hepsiburada’s full potential.”

Kaspi.kz: Kazakhstan’s leading SuperApp

Kaspi.kz has cemented its position as a leader in the digital sector, with its SuperApp reaching 14 million active users in 2023.

Kaspi Pay, a feature of the SuperApp, became the preferred digital partner for 581,000 businesses and entrepreneurs in Kazakhstan last year, underlining its dominance in the region.

About Hepsiburada

Founded in 2000, Hepsiburada has grown into one of Türkiye’s largest e-commerce platforms, offering over 264 million stock-keeping units (SKUs) across more than 30 product categories.

The sale to Kaspi.kz signals a new chapter in the company’s journey to expand its reach and impact across Central Asia.