Uber has a $700 million bet on Türkiye’s delivery market. The riding giant has gained 85% control over Trendior GO, the food and grocery arm of Turkey’s e-commerce heavyweight Trendior, the food and grocery arm, in a securities filed Monday, said in a securities filed Monday. The deal follows previous reports that the two companies were in acquisition talks.
All cash transactions that still require regulatory approval are expected to close later this year. If approved, it gives Uber a great foothold in the rapidly growing market, and goes directly to millions of new customers.
Trendyol Go may not be a well-known name worldwide, but he is a serious player for Türkiye. Supported by Alibaba, Trendiol operates a fleet of partners with 19,000 courier companies and 90,000 restaurants. In 2024, the platform processed orders of over 200 million people and brought in a total booking of $2 billion, an increase of 50% from the previous year.
Uber said it disclosed the transaction in its SEC filing, saying the acquisition will help promote long-term planning in the region.
“The coming together of Uber and Trendyol will improve the delivery sector of Türkiye for consumers, courier services, restaurants and retailers, especially for small and family-owned businesses,” Uber CEO Dara Khosrowshahi said in the release. “This deal reflects our long-term commitment to Türkiye. We were very impressed with what the Trendyol GO team has built.
Founded by Demet Mutlu in 2010, Trendyol Go has become Türkiye’s biggest e-commerce player. The company holds minority stakes in GO Business, but Uber calls shots in its daily operations.
Its delivery division, Trendior GO, handled food and groceries drop-offs under a company 70% owned by Alibaba Group as of 2024, and Trendior is not only popular online.
The timing is no coincidence. Uber is expected to report first-quarter earnings on Wednesday, with a 51-cent earnings per share expected to be $11.6 billion in revenue and revenue reported by CNBC, citing estimates from StreetAccount.
Türkiye’s move to a growing delivery market bets that food and grocery orders are fatal as Uber seeks to maintain momentum in its delivery business around the world.
Uber is leaning heavily towards the Eats business, which generated revenue of $13.7 billion last year and currently operates in more than 6,000 cities in 45 countries. Adding Trendyol gives you a turnkey way of reestablishing Uber into a portfolio with its infrastructure built in and reestablished in turco, which has an existing user base.
Why now?
Consumers’ appetite for food delivery in Turkey is climbing quickly. The convenience factor is attracting more users, and the local delivery scene has become one of the region’s most promising markets. It will be a timely opportunity for Uber. Especially as they are seeking new footholds after hitting a regulatory barrier in places like Taiwan, where bids to win Foodpanda fell apart earlier this year.
However, there is no guarantee that this transaction will cross the finish line yet. The talks are ongoing and any agreement may require sign-off from Turkish authorities.
The complex history of Uber in Türkiye
Uber doesn’t exactly start from scratch in Turkey. It was released there a few years ago, but left in 2019 after the court banned ride services, citing violations of local transportation rules. The app was pulled and the company retreated.
Still, interest never faded. Uber keeps an eye on the Turkish economy, and this potential acquisition offers a new way of doing so through delivery rather than ride sharing.
Competing terrain
The Turkish food delivery market is not under-competitive. Getir, Yemeksepeti and Trendyol Go are all fighting for control. Trendyol Go has logistics and brand recognition that makes it an attractive target. Meanwhile, Uber is looking for fresh momentum as it seeks to grow beyond traditional markets.
Buying Trendyol Go can potentially give Uber a stepping stone to more than just food. Trendyol’s grip on e-commerce means that Uber is tied to a bigger machine.
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