General Atlantic buys stakes in Turkish online food company

Zaman - Turkey’s online food ordering firm Yemeksepeti.com has just received a USD 44 million cash boost to fuel its international push with the addition of US-based equity company General Atlantic as a minority stakeholder. With a user base reaching 1.5 million people, Yemeksepeti.com provides online food ordering and delivery service, processing tens of thousands of orders daily.

“The fund injection will drive Yemeksepeti.com to new growth markets,” said Yemeksepeti.com CEO Nevzat Aydin on the deal yesterday, without disclosing the share percentage. “We are closely watching the Middle Eastern and North African markets. Expanding into South America and Southeast Asia is also a probability, Nevzat hinted about the company’s future plans. The partnership deal will not change the current management structure of Yemeksepeti.

Promising startups in Turkey’s growing high-tech and e-commerce sector have been subjects of acquisition and partnership deals in recent years. Last year, local auction site Gittigidiyor.com’s majority stakes were acquired by eBay, while Amazon partnered with online florist Ciceksepeti.com. The same year, South African Naspers bought 70 percent shares of Turkish online shopping club, Markafoni, through its subsidiary MIH-Allegro.

Turkey has 36.5 million internet users and the fast growing e-commerce reached a volume of approximately USD 12.7 billion according to 2011 figures.
Turkey; ict sector; turkey high-tech companies; turkey startups; yemeksepeti investment; yemeksepeti partnership; general atlantic