Trendyol, Turkey's First Decacorn, Opened to the World from Germany

Turkey's First Decacornu Trendyol Launched from Germany to the World
Trendyol, Turkey's First Decacorn, Opened to the World from Germany

Technology company Trendyol, which became Turkey's first decacorn with a valuation of over 10 billion dollars, opened up to the world from Germany. The company, whose all software and technologies are signed by Turkish engineers, started its overseas operations from Berlin. Industry and Technology Minister Mustafa Varank held the official opening of Trendyol Berlin office. Stating that Trendyol has shown the potential of Turkish technology companies to the whole world, Minister Varank said, "This is being a brand, creating added value." said. Trendyol Group President Çağlayan Çetin said that the Trendyol application has been downloaded one million times in Germany.

Berlin Ambassador Ahmet Başar Şen, Head of Turks Abroad and Related Communities Abdullah Eren, Vice President of the Union of Chambers and Commodity Exchanges of Turkey Selçuk Öztürk, Ankara Chamber of Commerce President Gürsel Baran, German Turkish Chamber of Commerce and Industry President Markus Slevogt attended the opening ceremony and reception.

In his speech at the reception, Minister Varank said that the two countries have unique economic relations.


Stating that German capital investments in Turkey have increased more than 15 times in the last 6 years, Varank said, “Our trade volume reached 41 billion dollars last year, our target is to exceed 50 billion dollars. The way to this is to improve the trade and investment environment and to make open dialogue continuous. In this direction, we, as the government, seize every opportunity and push the limits of our potential to the fullest. Non-governmental organizations, chambers and even individual initiatives are very important for new opportunities.” said.


Varank stated that post-pandemic states have entered into new searches in their production and supply chains and said, “In this challenging period, Turkey has proven that it is the most correct alternative to this search by not interrupting its production and exports for a moment. With its strategic location, young population, production and R&D capabilities, Turkey has come to the fore as a safe harbor that never loses its investors. Despite the pandemic, energy prices, raw material prices and volatility in the exchange rate, we have surpassed even the pre-epidemic level with the 14 billion dollar direct investment we received last year.” he said.


Pointing out that global companies operating in Turkey have increased their investments, Varank said, “They are moving their R&D, design, production and logistics centers to our country. In addition to our achievements in the defense industry, health and tourism, the point we have reached in technology-based entrepreneurship is now known to the whole world. Last year, our startup ecosystem also attracted $1,6 billion in investment.” said.


Emphasizing that as a ministry, they support companies' R&D, design, investment, production, export and branding activities, namely their competitiveness, Varank said, "We are companions to our entrepreneurs with our technoparks, R&D and design centers, TÜBİTAK, KOSGEB and Development Agencies. We are getting the results of all these efforts. Until two years ago, there was not a single Turkish startup that exceeded the $1 billion valuation, now we have 6 unicorns, or 6 Turkcorns as we call it.” he said.


“It is a great source of pride for us to see Trendyol as a Turkish brand on the billboards in the streets of Berlin today, after the purple-colored moto-couriers we see on the streets of Europe and the record-breaking mobile games in the United States.” Minister Varank stated that e-commerce constitutes 28,5 trillion dollars of the 5 trillion dollars global trade volume.


Emphasizing that e-commerce will increase its share of the pie with each passing day, Varank said, "A similar situation applies to Turkey, the ratio of e-commerce to general trade is 18 percent. Today, nearly 500 thousand SMEs use e-commerce in Turkey." said.


Pointing out that the market place of more than half of these companies is Trendyol, Varank said, “Trendyol has shown the potential of Turkish technology companies to the world. Trendyol achieved a valuation of over 10 billion dollars last year, becoming both the first decacorn and one of the most valuable companies in Turkey.” said.


Minister Varank continued as follows:

“This is what it is to be a brand, this is to create added value. I congratulate them not only for their success but also for showing the potential of the entrepreneurship ecosystem in Turkey, especially Turkish technology companies. At this point, our duty as managers is to increase the worldwide awareness, market share and exports of Turkish brands and Turkish products in the steps we will take. In this context, I underline that as the Ministry of Industry and Technology, we will continue to be a supporter of Trendyol and all our other initiatives.”


Trendyol Group President Çağlayan Çetin also stated that Trendyol brought the country to the global technology league as Turkey's first decacornu, and stated that as of today, the company continues on its way with its 40 thousand employees and senior management, all of whom are Turkish.


Reminding that Minister Varank visited the logistics center in Tuzla last summer because of Trendyol's decacorn, Çetin said, “We talked to one of our rosary sellers in Hakkari. I promised you that we will sell Hakkari's rosary to Europe. Today we keep that promise.” said. Stating that they "opened a new door" between Turkey and Germany, Çetin emphasized that the Trendyol application has been downloaded 1 million times in Germany so far.


Trendyol aims to contribute to exports by bringing domestic manufacturers to the global arena. The company aims to reach a global sales volume of $2023 billion in 1.

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