Kaspi.kz, a leading fintech and e-commerce company, has successfully completed its acquisition of a controlling interest in Hepsiburada, one of Türkiye’s top e-commerce platforms. This strategic move significantly expands Kaspi.kz’s addressable market, now reaching a potential customer base of 100 million people.
A strategic partnership for sustainable growth
Mikheil Lomtadze, CEO and co-founder of Kaspi.kz, expressed enthusiasm about the acquisition, emphasizing that Hepsiburada’s commitment to profitable growth aligns well with Kaspi.kz’s long-term vision. By leveraging their combined expertise and technology, both companies aim to drive sustainable bottom-line growth and create new opportunities for consumers and merchants across Kazakhstan and Türkiye.
Lomtadze highlighted the entrepreneurial nature of both companies and their shared goal of advancing e-commerce and digital services in the region. He also emphasized the potential benefits for small and medium-sized enterprises (SMEs) and entrepreneurs in both countries, fostering cross-border business opportunities.
Hepsiburada’s vision for the future
Hanzade Doğan, Founder of Hepsiburada, welcomed the partnership with Kaspi.kz, describing it as a pivotal step for the company’s future. She reiterated her vision for sustainable growth and increased value creation, with Kaspi.kz’s investment strengthening Hepsiburada’s position in Türkiye’s e-commerce market. She believes this collaboration will positively impact Türkiye’s SMEs, entrepreneurs, and consumers, solidifying Hepsiburada’s role as a key player in the industry.
Regulatory approvals and financial details
The transaction received all necessary approvals from Kaspi.kz’s shareholders, the Turkish Competition Authority, and key regulatory bodies, including the Central Bank of Türkiye. As of January 29, 2025, Kaspi.kz has become the controlling shareholder of Hepsiburada, holding a 65.41% stake.
Kaspi.kz acquired the shares for approximately $1.127 billion, with an initial payment of $600 million made in cash at closing. The remaining $526.9 million will be paid within six months, with pledged shares serving as collateral.
While both companies will maintain their distinct brands and operational structures, this acquisition marks a significant step in Kaspi.kz’s expansion strategy, setting the stage for future innovation and growth in digital commerce across the region.
