Exclusive: Hepsiburada CEO sets out her vision, as it becomes first ever Turkish Nasdaq IPO – TechCrunch



Hepsiburada — Turkey’s big on-line buying platform thought-about the Amazon of its nation — floats on the Nasdaq in the present day, for a valuation more likely to exceed $3.9 billion on present projections, particularly with shares being marked as much as $14 apiece (up from the beforehand predicted $12 pricing). Bu this isn’t the top of the journey for this break-out Turkish tech and e-commerce firm, for long-time founder and chairwoman Hanzade Doğan Boyner – who began the enterprise in 1998 no much less, and nonetheless has general management of the corporate – considers this nearer to a progress spherical of funding, enabling her formidable plans to mine Turkey’s fast-developing market even additional, in addition to broaden into Central and Japanese Europe. Doğan Boyner, a scion of the highly effective Doğan household in Turkey, continues to carry three-quarters of the voting energy within the firm, based on the prospectus filed to the SEC.

Hepsiburada’s IPO comes after it greater than doubled its income throughout the pandemic, as Turkey’s largely offline inhabitants was compelled to change to on-line buying in what would possibly properly be characterised as a kind of enforced ‘Nice Leap Ahead’ for the nation. 

Hepsiburada (which interprets as “every little thing is right here”) can be making historical past because the first-ever Turkish, NASDAQ IPO.

With an enormous logistics platform unfold throughout Turkey, the corporate now affords 2hr deliveries, with round 43 million merchandise accessible on the platform, accessible from a extra Chinese language-like ‘super-app’ which may supply every little thing from groceries to flights, to cost providers, through is ‘Alipay-like’ service referred to as Hepsipay. And in Turkey, many individuals want to purchase issues on installments, a service Hepsiburada has pre-built into its platform.

Turkish individuals have additionally loved its frictionless returns, the place items may be returned at no cost, involving a super-efficient logistics community.

After rising at about 50% yr on yr for the final 5 years, the corporate says it doubled in measurement final yr, making the most of the exponential progress in Turkey’s e-commerce penetration into its 82 million-strong inhabitants.

The IPO comes after a mere $100m was invested within the platform over the past 20 years, and a profit-making interval till 2018 when Doğan Boyner began investing extra within the platform, previous to this second.

TC: What introduced you to this second in time when it comes to the IPO?

Doğan Boyner: “Virtually 20 years in the past I began with e-commerce and from day one we constructed it with new options, new providers, and in the present day we handle a totally built-in ecosystem, from last-mile supply to cost to groceries. Hepsiburada is the tremendous app that makes our buyer’s lives simpler. They’ll get their groceries or their toys for next-day supply or flight tickets. Why are we itemizing now? As a result of the Turkish e-commerce market is at 10% penetration, and we consider that its penetration will double by 2025. It’s an inflection level. It’s a big market, and as Hepsiburada we’re a pioneering platform reaching maturity in the direction of changing into a public firm. With the funds raised by the IPO, we’ll speed up our progress and proceed to execute our imaginative and prescient.”

TC: “Are you happy with the $3.9 billion valuation?”

Doğan Boyner: “Right this moment’s valuation shouldn’t be crucial for me. It’s not the place you begin, it’s the place you go. I’m not promoting any shares, and that is primarily for progress funding. That is only the start. You understand, the market remains to be low penetration, and we’ve got an thrilling journey forward of us. I need the inventory to carry out properly for my buyers, however what the worth in the present day is irrelevant for me.”

TC: “You’re going to make use of a few of this funding so as to add on new merchandise onto the platform like reserving flights or cash transfers and different kinds of latest merchandise, what are a few of the different kinds of enlargement plans you may have?”

Doğan Boyner: “One is to proceed constructing our infrastructure, akin to frictionless returns, which supplies such peace of thoughts to our shoppers. The second is Hepsi Specific. It’s nonetheless solely at 4% penetration. This can change the buyer’s grocery buying behavior as a result of we’ve got such a robust mannequin the place we accomplice with a number of nationwide chains, regional chains, Mother-and-Pop outlets, so we flip these shops into our ‘darkish shops’. Plus we generally do our personal choosing from the shops or generally the retailer does the choosing. So the shopper providing could be very robust. You may get one thing in half an hour, or you’ll be able to schedule it for subsequent day, everytime you need. You are able to do the weekly buying, or simply get one thing for that night time. Specific is an space that we are going to scale. Cost is one other focus. We’re the one platform with a funds license. Quickly will probably be an open pockets and our Fintech capabilities will enhance put up IPO.”


TC: Are you following a kind of Alibaba / Alipay technique?

Doğan Boyner: “We’ll leverage our present prospects and market, and we’ll flip them into our pockets prospects. Tremendous apps don’t actually exist in Europe or the US. So it’s our imaginative and prescient to digitalize commerce. We’re in our buyer’s pocket. We need to make life simpler for them.”

TC: “How did you shift operations throughout the pandemic?”

Doğan Boyner: “We nearly grew to become a lifeline, not only for shoppers however for our retailers as properly. So we rose to the event to not solely scale operationally. We needed to onboard 1000s of drivers and staff, very, very quick, however we additionally needed to safe the well-being of our staff. Whereas all of us have been isolating we needed to ask our staff to work, which, which I believe we’ve performed a really, superb job of, when it comes to offering PPE, and offering well being protection. It was an opportunity to reside as much as our values. Our shoppers experimented with us as new shoppers, and so they’re pleased with the service so they’ll stick with us and our retailers appreciated us as properly, as a result of in a time when their outlets have been closed, they may generate revenues by us.”

TC: You’ve been an enormous advocate of ladies in your organization and in addition in your nation, you’ve created many packages for girls and women and engaged in a substantial amount of advocacy. The place do you are feeling you might be on that journey?

Doğan Boyner: “Half far our workforce is feminine, 33% of our administration is feminine – which ought to be 50%! Our lady entrepreneur program has been very impactful. We inform ladies entrepreneurs to return, we’ll educate you ecommerce, we’ll onboard your merchandise, we provides you with free delivery, we’ll prioritize your merchandise or itemizing pages, we provides you with actual property on our house web page. Some 19,000 ladies have benefitted from this. Girls have despatched me their inspiring tales. They begin small and rent two individuals, after which they create their very own manufacturers. Having mentioned that, after I have a look at the place we’re when it comes to gender equality globally, the needle doesn’t transfer a lot. You have a look at the variety of CEOs within the FTSE 500, the quantity doesn’t change. So, I’ll maintain doing no matter I can, as a result of each ‘small drop’ counts. And hopefully, it’ll. I additionally suppose there ought to be a brand new dialog, a worldwide dialog about gender equality normally. The 19,000 ladies who benefited from our program grew to become economically extra empowered. They gained abilities and instruments and confidence to commerce on a platform like Hepsiburada, which could be very significant.”

TC: Are you involved that maybe your success might entice the eye of presidency regulation in Turkey, sooner or later?

Doğan Boyner: “We’re thought-about a nationwide champion. Turkey has totally different dynamics. I believe it’s an inspiration that nationwide champions can come out and achieve success.”

TC: You’ve been very massively profitable, you’re an enormous advocate for girls in your nation, do you may have any political aspirations?

Doğan Boyner: “No.”


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