Leading Turkish e-commerce platform D-MARKET Electronic Services & Trading (Hepsiburada) has reported a net loss of 1.1 billion Turkish lira (approximately $27 million) over the first six months, up 1.5 times from the same period in 2024 ($17.5 million), according to its financial results.
At the same time, Hepsiburada’s revenue increased by 5.9% year-on-year (YoY), reaching 32 billion Turkish lira ($787 million) compared to 30.2 billion Turkish lira ($742.5 million) in the first six months of 2024.
The number of orders rose by 0.1% to 37.1 million. However, the average order value remained unchanged, with the number of active customers decreasing by 0.8% to 12 million people.
Moreover, order frequency declined by 11% YoY to 9.3, down from 10.52, while the active merchant base decreased by 0.7% to 100,300, compared to 100,900 as of June 30, 2024.
In 2024, the net loss of Turkey’s leading marketplace amounted to 1.6 billion Turkish lira ($39.3 million), meaning the company incurred 68.8% of that amount in the first half of 2025.
At the time, the marketplace explained that it was running at a loss due to a rise in net financial charges by 2.96 billion Turkish lira ($72.7 million), investments in loan products and politically motivated boycotts.
In late January, Kazakhstan-based fintech company Kaspi.kz announced it had finalized a deal to acquire a 65.41% stake in Turkish marketplace Hepsiburada for $1.1 billion. Under the terms of the agreement, the company did not make a full upfront payment, with $526.9 million scheduled to be transferred six months after the deal’s conclusion.
In March, Kaspi.kz announced the acquisition of Rabobank A.Ş. — the Turkish subsidiary of the Dutch Rabobank Group. Kaspi.kz is owned by Baring Funds (23.37%), founded by American investor Michael Calvey, as well as Mikheil Lomtadze (21.53%) and Vyacheslav Kim (20.39%), the richest Kazakhstani according to Forbes Kazakhstan.
