D-MARKET Electronic Services & Trading ADR Dossier
Qualitative Analysis
Business overview
D-MARKET Electronic Services & Trading (d/b/a Hepsiburada) is a pioneer and leading e-commerce technology platform in Türkiye. Founded in 2000, the company operates a highly integrated hybrid model combining first-party direct sales (1P) with a third-party marketplace (3P) connecting over 100,000 merchants with millions of active members. Hepsiburada's comprehensive ecosystem includes its proprietary last-mile delivery network (HepsiJet), fulfillment services (HepsiLojistik), and an integrated fintech platform (Hepsipay). Hepsipay provides secure digital wallets, buy-now-pay-later (BNPL) options, and consumer shopping loans, driving higher sales conversions. In early 2025, Kazakhstan-based fintech giant Kaspi.kz acquired a majority controlling stake in the company, initiating a strategic transformation to integrate its robust fintech capabilities and accelerate Hepsiburada's path toward sustainable profitability.
Research as of 19 Jun 2026
Strategic Initiatives
Growth programs, investments, and their expected impact
Expanding Hepsipay's integrated fintech platform, which provides digital wallets, general-purpose loans, buy now pay later (BNPL), and one-click checkout solutions across both online and offline channels.
Expected impact: Improves consumer shopping convenience, increases merchant sales conversion rates, and shifts the revenue mix toward higher-margin financial services.
Leveraging the in-house logistics network to offer superior last-mile delivery, two-man cargo handling, and fulfillment services, with a strategic focus on expanding off-platform delivery volumes.
Expected impact: Drives higher delivery service income and improves overall operational efficiency through scale.
A purpose-driven program launched in 2017 to support female entrepreneurs and women's cooperatives throughout Türkiye by providing digital capabilities, training, and marketplace access.
Expected impact: Fosters inclusive economic growth, enhances brand loyalty, and expands the active merchant base on the marketplace.
Mergers, Acquisitions & Partnerships
Recent deals and strategic collaborations
Recent Acquisitions
Kaspi.kz acquired a controlling 65.41% stake (subsequently increased to 75.96% by late 2025) to expand its addressable market to Türkiye's 85 million population, combining Hepsiburada's e-commerce marketplace with Kaspi's fintech and payments expertise.
Financial impact: Brings significant financial backing and operational synergies, driving Hepsiburada's revenue growth (up 22.9% in Q1 2026) and improving EBITDA margins.
Strategic Partnerships
Extremely high; enables cross-border business opportunities for SMEs and entrepreneurs in Kazakhstan and Türkiye, while leveraging combined technology to drive sustainable bottom-line growth.
Terms: Kaspi.kz acquired its initial controlling stake for $1.127 billion, with $600 million paid in cash at closing and $526.9 million deferred.