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D-Market Electronic Services & Trading American Depositary Shares (symbol: HEPS), operating under the trade name Hepsiburada, is the largest and fastest-growing e-commerce platform in Turkey and the surrounding region. Established in 2000, Hepsiburada has become a pioneer in the online retail space, offering a comprehensive platform that connects over 63 million members with approximately 230 million stock keeping units across more than 30 product categories.
Hepsiburada operates a hybrid model combining first-party direct sales (1P model) and a third-party marketplace (3P model), collaborating with over 101 thousand merchants. The platform provides an extensive range of products, including mobile phones, cosmetics, FMCG, and fashion items. With over 17 million monthly visitors, Hepsiburada stands as the most visited e-commerce platform in Turkey.
In mid-2015, Hepsiburada launched its marketplace platform, integrating major merchant brands to enhance service and competitive differentiation. The company has demonstrated impressive financial growth, increasing its revenues more than 25-fold over the last decade while maintaining profitability. Hepsiburada also places a strong emphasis on customer experience by offering value-added services such as last-mile delivery, fulfillment services, advertising services, and on-demand grocery delivery through its payment solution, Hepsipay.
Hepsiburada's commitment to social responsibility is evident through its 'Technology Empowerment for Women Entrepreneurs' program launched in 2017, which has supported over 50.5 thousand female entrepreneurs across Turkey. This initiative underscores the company's dedication to leveraging digital capabilities to empower women and drive economic growth.
Recent developments include the appointment of Hakan Karadoğan as the Chief Executive Officer of Logistics, effective March 25, 2024. Karadoğan, with nearly three decades of experience, aims to scale Hepsiburada's logistics operations, enhancing warehousing, fulfillment, and last-mile delivery services. Additionally, the company announced its nine-month results for the 'Trade and Technology Empowerment for the Earthquake Region' program, initiated in March 2023 and expected to last for two years.
For more detailed information, including financial statements and recent updates, investors can access Hepsiburada's filings on the SEC's website or the company's investor relations website.
Hepsiburada, a leading Turkish e-commerce platform, announced the results of its 'Trade and Technology Empowerment for the Earthquake Region' program. Over a fifteen-month period ending May 31, 2024, the program generated a trade volume of TRY 5.2 billion. The number of active merchants in the earthquake region reached over 8,200, with around 3,800 new businesses joining. The trade volume saw a 50% increase in the last three months. Women entrepreneurs contributed approximately TRY 397 million to the trade volume. Hepsiburada also organized e-commerce training programs and social responsibility activities, benefiting children and university students in the affected areas.
Hepsiburada's logistics service, HepsiJet, has introduced 21 electric vans for cargo distribution in select regions of Turkey, aiming to enhance sustainability and efficiency in last-mile delivery. The electric vans are expected to reduce carbon emissions by 0.21 tons per 1,404 kilometers traveled per vehicle each month. HepsiJet operates nearly 3,500 vehicles and plans to expand its electric fleet to 50 by the end of 2024. The initiative, led by CEO Hakan Karadoğan, aims to create an eco-friendly logistics network and meet the company's sustainability goals. The vans have started operations in major cities like Istanbul, Ankara, Izmir, Muğla, and Antalya.
Hepsiburada, a leading Turkish e-commerce platform, announced its unaudited financial results for Q1 2024. The company recorded a 42.5% increase in GMV to TRY 36.3 billion and a 45.0% rise in revenue to TRY 11,309.6 million compared to Q1 2023. The number of orders grew by 21.7% to 29.3 million and active customers increased by 1.4% to 12.1 million. EBITDA improved significantly to TRY 289.4 million from TRY 12.2 million in Q1 2023. Net loss reduced to TRY 130.7 million from TRY 324.9 million, while free cash flow turned positive at TRY 1,029.6 million. CEO Nilhan Onal Gökçetekin highlighted strategic priorities and cost management as key factors for this robust performance. The company anticipates a 75% GMV growth in Q2 2024.
D-MARKET Electronic Services & Trading, operating as Hepsiburada (NASDAQ: HEPS), successfully issued its first asset-backed security (ABS) worth 150 million TRY on June 5, 2024. This issuance is part of a 2 billion TRY limit approved by the Capital Markets Board to PASHA Yatırım Bank Hepsiburada Asset Finance Fund. PASHA Bank facilitated the issuance through Türkiye's first digital ABS platform.
The ABS includes four tranches with maximum maturities of 147 days and interest rates ranging between 54% and 57%. Funds from this issuance will support the growth of Hepsiburada's Buy Now Pay Later (BNPL) business and reduce its working capital impact. The offering was oversubscribed, ending the marketing period early, and attracting major asset management companies, pension funds, and high-net-worth individuals.
Hepsiburada, a leading Turkish e-commerce platform listed on NASDAQ under the ticker 'HEPS', will release its unaudited financial results for the first quarter of 2024 on June 13, 2024. The results cover the period ending March 31, 2024. A conference call and live webcast are scheduled for the same day at 16:00 Istanbul time, 14:00 London time, and 9:00 a.m. New York time. The live webcast can be accessed online, and a replay will be available on the company's Investor Relations website following the call. Additionally, the results presentation will be made available on the Investor Relations website on the same day.
D-MARKET Electronic Services & Trading, known as Hepsiburada, a major Turkish e-commerce platform, has submitted its 2023 annual report on Form 20-F to the SEC. The report includes audited financial statements and is available on Hepsiburada's and SEC's websites.
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