Uber to Buy 85 Percent Stake in Trendyol Go
According to reports, Uber would buy a majority 85 percent stake in Turkish food and grocery delivery platform Trendyol Go for $700 million, as the ride-hailing giant looks to tap new growth markets amid signs of saturation in its mainstay North American business. The acquisition of a stake in Turkish e-commerce company Trendyol Group provides Uber with control over a platform that caters to customers across the country, offering grocery and meal delivery from more than 90,000 restaurants and markets via 19,000 couriers.
In 2024, Trendyol Go completed over 200 million orders and achieved approximately $2 billion in gross bookings, reflecting a year-over-year increase of over 50%, Uber announced on Tuesday.
The agreement, anticipated to finalize in the latter part of 2025, will promptly contribute to the growth of the U.S. firm. The Trendyol Go app will remain operational on its own, while Uber intends to gradually incorporate features from its delivery service, Uber Eats.
The action follows weeks after Uber canceled its $950 million offer for Delivery Hero's Foodpanda operation in Taiwan, because of regulatory obstacles, including anti-competitive issues highlighted by the government of the island nation in December.
As a leading ride-hailing provider in North America, Uber has been working to instill confidence in investors regarding its growth possibilities by broadening its business offerings and partnering with self-driving vehicle companies.
It has also encountered competition from competitors like DoorDash in the food delivery sector.
Trendyol Go serves as the food delivery division of its parent entity, Trendyol Group, which is a fashion and retail e-commerce platform predominantly controlled by Alibaba.
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The company indicated in a filing that it fulfilled over 200 million orders in 2024, achieving $2 billion in gross bookings, reflecting a 50 percent increase compared to the prior year. Its marketplace features over 90,000 restaurants and 19,000 couriers.