Following the investment made by Alibaba, Tiger Global, Kleiner Perkins Caufield Byers, and EBRD were withdrawn. The increase in revenue from Trendyol resulted from more efficient use of subsidies and robust year-over-year order growth. The increase was primarily due to reduced loss of Taobao Deals, Taocaicai and Freshippo. The platform was approved as a research and development centre in 2019 by the Ministry of Industry and Technology. 5. (3) Turkish startups have been on a roll in the last twelve months, with Getir reaching aUSD 7.5 billion valuationand expanding to international markets, Peakgetting acquired for USD 1.8 billion, and Hepsiburada going public on Nasdaq (it currently has a market cap of over USD 4 billion). FULL FISCAL YEAR SUMMARY FINANCIAL RESULTS (i) Segment revenue Apply. Trendyol Becomes Turkey's Most Valuable Company with New Investment All rights reserved. General and administrative expenses General and administrative expenses in the quarter ended March 31, 2023 were RMB12,832 million (US$1,869 million), or 6% of revenue, compared to RMB7,415 million, or 4% of revenue, in the same quarter of 2022. FutureBright Group is a market research and consulting company. Excluding the share-based compensation expense, revaluation and disposal gains/losses of investments, impairment of investments and certain other items, non-GAAP net income in the quarter ended March 31, 2023 was RMB27,375 million (US$3,986 million), an increase of 38% compared to RMB19,799 million in the same quarter of 2022. We excluded net gains or losses arising from the changes in fair value and impairment of our investments from our non-GAAP measures. This represents share-based awards of our subsidiaries. )% Trendyol - Products, Competitors, Financials, Employees, Headquarters Cost of revenue Cost of revenue in the quarter ended March 31, 2023 was RMB138,823 million (US$20,214 million), or 67% of revenue, compared to RMB138,945 million, or 68% of revenue, in the same quarter of 2022. Since the announcement of the model, we have received over 200,000 beta testing requests from enterprise users across a broad range of sectors. [9] Alibaba Group became a shareholder of Trendyol in 2018. Get the full list, Youre viewing 4 of 8 executive team members. (4) The platform provides logistics, payment, curation, and consignment services. Our net income in the quarter ended March 31, 2023 was RMB21,996 million (US$3,203 million), compared to net loss of RMB18,357 million in the same quarter of 2022, primarily attributable to net gains arising from the increases in the market prices of our equity investments in publicly-traded companies, compared to net losses from these investments in the same quarter last year, partly offset by the decrease in share of profit of equity method investees, the increase in impairment of investments and the decrease in income from operations. Reach 1000s of buyers who use CB Insights to identify vendors, demo products, and make purchasing decisions. Revenue from our International commerce wholesale business in the quarter ended March 31, 2023 was RMB4,574 million (US$666 million), an increase of 3% compared to RMB4,448 million in the same quarter of 2022. Our board of directors approved the commencement of a process to explore raising external capital for the Alibaba International Digital Commerce Group to support its development and growth. Sales and marketing expenses Sales and marketing expenses in fiscal year 2023 were RMB103,496 million (US$15,070 million), or 12% of revenue, compared to RMB119,799 million, or 14% of revenue, in fiscal year 2022. Members of the Board - Alibaba Group Revenue from our Digital media and entertainment segment in fiscal year 2023 was RMB31,482 million (US$4,584 million), a decrease of 2%, compared to RMB32,272 million in fiscal year 2022. Subject to the transactions, conditions and approvals described above, we target to complete the spin-off in the next 12 months. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. Net income attributable to ordinary shareholders in the quarter ended March 31, 2023 was RMB23,516 million (US$3,424 million), compared to net loss of RMB16,241 million in the same quarter of 2022. With this new investment, Trendyol increases its valuation to $9.35 billion and becomes the most valuable company in Turkey. Trudy Shan DAI, Director and Chief Executive Officer Net cash provided by operating activities was RMB199,752 million (US$29,086 million). Safety starts with understanding how developers collect and share your data. Trendyol Company Profile: Acquisition & Investors China Commerce For the quarter ended March 31, 2023, online physical goods GMV on Taobao and Tmall, excluding unpaid orders, declined mid-single-digit year-over-year. Mutlu studied at New York University, where she graduated with the . Our board of directors approved the following transactions as the initial phase of our capital management planning: Trendyol Group (2) (i) Segment revenue International Commerce Retail Business As an investor in e-Commerce platforms globally, we are excited to partner with Trendyol and look forward to supporting the Companys journey as one of EMEAs emerging digital champions., Great management teams build one-of-a-kind great technology companies said Emmanuel DeSousa, Managing Partner at Princeville Capital. General Atlantic These capabilities have successfully supported our internal and external customers. In China, Cainiao continues to expand its Cainiao Post network that offers a variety of value-added services. Direct sales and others revenue under China commerce retail business in fiscal year 2023 was RMB274,954 million (US$40,037 million), an increase of 6% compared to RMB259,830 million in fiscal year 2022, primarily due to the revenue growth contributed by our Freshippo and Alibaba Healths direct sales businesses. Alibaba investedanother USD 350 million earlier this year to increase its stake in the Turkish firm to 86.5%. Cainiao Smart Logistics Network Limited(1) (3) ISTANBUL, June 15 (Reuters) - Turkish e-commerce firm Trendyol, backed by Chinese internet giant Alibaba, is in discussions to raise $2 billion from investors, two sources with direct knowledge. Learn more. To enable enterprise customers to reap the benefits of AI-driven innovation, Alibaba Cloud will offer its clients access to Tongyi Qianwen on cloud and enable them to develop customized LLMs for their business scenarios. [7]1.4 million individual sellers are currently active on Dolap. Get data-driven expert analysis from the CB Insights Intelligence Unit. FULL FISCAL YEAR SEGMENT RESULTS Cloud Digital Media and Entertainment Chinese e-commerce firm Alibaba is the majority shareholder in Trendyol. Trendyol Collection Evening & Prom Dress - Black - Shift. "Updated on. Judy Wenhong TONG, Director (Partner, Alibaba Partnership) Comparative figures were reclassified to conform to this presentation. Your email address will not be published. ANKARA, Jan 19 (Reuters) - Turkish e-commerce firm Trendyol, backed by Chinese internet giant Alibaba (9988.HK), plans a dual-listing IPO in New York or London when its income from foreign. It specializes in data, strategy, and design. Generative AI: In April, Alibaba Cloud unveiled its latest large language model (LLM), Tongyi Qianwen (). Following the investment made by Alibaba, Tiger Global, Kleiner Perkins Caufield Byers, and EBRD were withdrawn. Demet Suzan Mutlu, founder and CEO of Trendyol, said, We founded Trendyol to create a positive impact in the countries we serve. We will leverage our strong team, our extensive technological capabilities, and Turkeys strengths in manufacturing and logistics to become a leading player in EMEA and to create new export channels for Turkish merchants and manufacturers., Trendyols marketplace model, which spans everything from grocery delivery to mobile wallets, brings convenience and ease to consumers in Turkey and internationally, said Melis Kahya Akar, Managing Director and Head of Consumer for EMEA at General Atlantic. Revenue from Cainiao, which represents revenue from its domestic and international one-stop-shop logistics services and supply chain management solutions, after inter-segment elimination, was RMB13,619 million (US$1,983 million) in the quarter ended March 31, 2023, an increase of 18% compared to RMB11,582 million in the same quarter of 2022, primarily driven by increasing revenue per order from international fulfillment solution services as well as increasing demand for consumer logistics services. The company helps customers to start selling with one click in global marketplaces such as Amazon, eBay, Etsy, and more. With the aim of providing merchants with stable and cost-effective services, Cainiao continues to upgrade its overseas warehouse network and offers a wide range of logistics solutions, including cargo collection in China, international line-haul, overseas feeder services, as well as overseas last-mile delivery services. Customers can type in search bar for wished products, also can find it in these categories. A reconciliation of net income to non-GAAP net income is included at the end of this results announcement. Adjusted EBITA, a non-GAAP measurement, increased 13% or RMB17,514 million year-over-year to RMB147,911 million (US$21,538 million), primarily due to narrowed adjusted EBITA losses of Local consumer services, International commerce and Digital media and entertainment, as well as an increase in China commerce adjusted EBITA. One of Turkeys leading e-commerce company Trendyol received a new investment of $350 million from its partner company Alibaba. The following tables set forth a breakdown of our costs and expenses, share-based compensation expense and costs and expenses excluding share-based compensation expense by function for the periods indicated. We are taking concrete steps towards unlocking value from our businesses and are pleased to announce that our board has approved a full spin-off of the Cloud Intelligence Group via a stock dividend distribution to shareholders, with intention for it to become an independent publicly listed company. Consumers in selected countries enjoy free shipping, free returns and quality delivery guarantees when placing orders on Choice. Alibaba became a shareholder of the company by acquiring the shares of 3 international shareholders in Trendyol. Through continuous improvement of user engagement program to most of the markets, Lazada continued to increase its buyer base. China Commerce Retail Business The goodwill impairment, and the equity-settled donation expense related to the allotment of shares to a charitable trust, are presented as unallocated items in the segment information because our management does not consider these as part of the segment operating performance measure. The CB Insights tech market intelligence platform analyzes millions of data points on vendors, products, partnerships, and patents to help your team find their next technology solution. Prior to the spin-off, we plan to include external strategic investors in Cloud Intelligence Group through private financings. International commerce adjusted EBITA was a loss of RMB2,330 million (US$339 million) in the quarter ended March 31, 2023, compared to a loss of RMB2,563 million in the same quarter of 2022. This reclassification conforms to the way that we manage and monitor segment performance. (Bloomberg) -- Turkish e-commerce firm Trendyol, which is backed by Chinese online giant Alibaba Group Holding Ltd., is seeking to raise more than $1 billion in a deal that could make it the. Funding Trendyol Group has raised a total of $1.9B in funding over 5 rounds. Innovation initiatives and others adjusted EBITA in the quarter ended March 31, 2023 was a loss of RMB1,830 million (US$267 million), compared to a loss of RMB2,452 million in the same quarter of 2022. Share of results of equity method investees in the quarter ended March 31, 2023 was RMB446 million (US$65 million), compared to RMB3,282 million in the same quarter of 2022. The increase was primarily due to the increase in revenue from value-added services to paying members. Alibaba Group holds a 67% equity interest in Cainiao Smart Logistics. The best offer from Trendyol changes depending on what products you're interested in and when you shop. As a result, in the March quarter, Choices daily orders ramped up rapidly and contributed to double-digit order growth for AliExpress during the quarter. 1 e-commerce platform, has entered into agreements to raise $1.5 billion from a number of high-profile investors, valuing the Company at $16.5 billion. Competitors of Trendyol include Yollando.com and 8 more. Without the effect of share-based compensation expense, cost of revenue as a percentage of revenue would have decreased from 68% in the quarter ended March 31, 2022 to 66% in the quarter ended March 31, 2023. Trendyol, on average, offers a 33% off discount. Revenue from Innovation initiatives and others was RMB2,274 million (US$331 million) in fiscal year 2023, a decrease of 20% compared to RMB2,841 million in fiscal year 2022. Without the effect of share-based compensation expense, general and administrative expenses as a percentage of revenue would have remained stable at 5% in the quarter ended March 31, 2023 compared to the quarter ended March 31, 2022. Share-based compensation expense Total share-based compensation expense included in the cost and expense items above in the quarter ended March 31, 2023 was RMB7,546 million (US$1,099 million), compared to a net reversal of RMB3,737 million in the same quarter of 2022. It was founded in 2015 and is based in Turkey. Cloud Fan JIANG, Director and Chief Executive Officer Net income was RMB21,996 million (US$3,203 million), compared to net loss of RMB18,357 million in the same quarter last year, primarily due to net gains arising from the increases in the market prices of our equity investments in publicly-traded companies, compared to net losses from these investments in the same quarter last year, partly offset by the decrease in share of profit of equity method investees, the increase in impairment of investments and the decrease in income from operations as mentioned above. Winnie Jia WEN, Director (President, Group Public Affairs) Trendyol also owns a fashion line, Milla, which is a brand created via crowdsourcing. Year-over-year order growth rate in the quarter remained resilient, driven by the normalization of the Turkish business from March onwards as well as the strong order growth in new businesses. Drawing upon our own experience helping to scale innovative models around the world, we are thrilled to partner with the Trendyol leadership as they deliver on their mission to provide customers and sellers with seamless e-Commerce experiences, all while leaving a positive impact., Anthony Doeh, Partner for SoftBank Investment Advisers stated: Trendyol seamlessly integrates e-Commerce, payments and delivery, with deep industry expertise in sectors such as fashion, with a unique consumer offer that we believe will be highly scalable across new markets and geographies. 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Comparative figures were reclassified to conform to this presentation.