In October 2024, a strategic alliance was formed between two e-commerce heavyweights, marking a turning point in the digital landscape of Eurasia. Kaspi.kz, the Kazakh financial and digital services giant, signed an agreement to acquire 65.41% of the shares of Hepsiburada, one of the most influential e-commerce platforms in Türkiye. This transaction amounting to $1.127 billion, payable in two installments, promises to open up new perspectives for both companies, while strengthening their position on the international market. As the two entities prepare to maintain their separate brands and operational structures, this union aims to capitalize on the complementary expertise of the teams to move forward together in the e-commerce and digital services sector in Turkey and Kazakhstan.
In a major operation, the Kazakh company Kaspi.kz announced its intention to acquire 65.41% of the shares of the Turkish e-commerce platform Hepsiburada. This acquisition, valued at approximately $1.127 billion, demonstrates Kaspi.kz’s desire to expand its presence in the European digital market.
A promising strategic partnership
Table of Contents
The takeover of Hepsiburada by Kaspi.kz marks a crucial milestone in the e-commerce landscape. Hepsiburada is an iconic figure in Turkey, recognized for its hybrid model combining direct sales and third-party marketplace, serving a vast customer base of 12 million consumers and 101,000 merchants in 2023. This acquisition allows Kaspi.kz to strengthen its footprint and diversify its operations beyond Kazakhstan.
Transaction details
The agreement provides that Kaspi.kz pays a total amount of $1.127 billion, divided into two tranches: $600 million upon conclusion of the purchase and the balance six months later. This strategic investment, initially financed by Kaspi.kz’s liquidity, could also be subject to recourse to the capital markets, depending on the evolution of financial conditions.
A shared vision of innovation and sustainable growth
The ambitions of Kaspi.kz
By partnering with Hepsiburada, Kaspi.kz aims to significantly expand its potential market, reaching a population of 100 million people. Kaspi.kz’s business model, focused on innovation through its flagship application “Kaspi Super App”, offers relevant services to everyday users in Kazakhstan. The integration of Hepsiburada is expected to benefit from the synergy of the two companies, each of which is well anchored in its respective region.
The strong identity of Hepsiburada
Founded in 2000 by Hanzade Doğan, Hepsiburada has always been a pioneer in the field of commerce digitalization in Türkiye. It has built a solid reputation by continually innovating in consumer services, notably through Hepsipay, and its technological strengthening program for Turkish women entrepreneurs. Through this partnership, Hepsiburada is preparing to write a new chapter of development alongside Kaspi.kz.
A potential impact on the regional market
This alliance promises to offer unprecedented opportunities to SMEs and entrepreneurs in both countries. By joining forces, Kaspi.kz and Hepsiburada can stimulate trade between Kazakhstan and Turkey, enrich their digital offerings, and strengthen their positioning in the face of globalized competition in the sector. The two companies will maintain their independence in terms of brand and structure to capitalize on their respective expertise.