D-MARKET Electronic Services & Trading Business Summary

D-MARKET Electronic Services & Trading (HEPS), operating as Hepsiburada, utilizes a high-volume hybrid e-commerce model that integrates first-party (1P) direct sales with a third-party (3P) marketplace. The company generates diversified revenue through retail transaction fees, marketplace commissions, fulfillment services via Hepsijet, and advertising solutions. A critical growth engine is its fintech segment, Hepsipay, which monetizes digital wallet services, consumer loans, and 'Buy Now, Pay Later' (BNPL) options, alongside the Hepsiburada Premium subscription loyalty program. In the Turkish digital landscape, HEPS maintains a top-tier position as a local pioneer, competing directly with Alibaba-backed Trendyol, Amazon.com.tr, and N11. While Trendyol currently leads in total traffic, Hepsiburada differentiates itself through a deeply integrated logistics and financial services ecosystem, recently bolstered by its 2025 acquisition by the Kazakhstani fintech giant Kaspi.kz. Founded by Hanzade Doğan Boyner, a prominent figure in Turkish media and technology, the company is currently led by CEO Nilhan Onal Gökçetekin, a former Amazon and Procter & Gamble executive who is overseeing a planned leadership transition set for July 2026. The executive suite includes CFO Seçkin Köseoğlu, who brings extensive finance experience from Amgen and Danone, and CTO Alexey Shevenkov, formerly the CTO of Yandex.Market. Logistics operations are headed by Hakan Karadoğan, who previously served as General Manager of Amazon Türkiye. Following the controlling stake acquisition in early 2025, the board is chaired by Mikheil Lomtadze, the co-founder and CEO of Kaspi.kz, signaling a strategic pivot toward integrating Hepsiburada into a broader regional super-app framework. Notable institutional support has historically included The Abraaj Group and Franklin Templeton, though the company is now primarily governed by Kaspi.kz's leadership.