ISTANBUL, June 12,
2024 /PRNewswire/ -- D-MARKET Electronic Services
& Trading (d/b/a "Hepsiburada") (NASDAQ: HEPS), a leading
Turkish e-commerce platform, announced the successful issuance of
its first asset-backed security (ABS) amounting to 150 million TRY.
This issuance is part of the 2 billion TRY limit approved by the
Capital Markets Board to PASHA Yatırım Bank Hepsiburada Asset
Finance Fund. PASHA Bank, a pioneer in ABS issuances, recently
launched Türkiye's first digital platform to merge its ABS
expertise with the digital world. One of the first issuances on
this digital platform was for Hepsiburada.
The issuance, which took place on June 5,
2024, includes four tranches with a maximum maturity of 147
days. The interest rate varies between 54% to 57% depending on the
maturity. Hepsiburada participated as the originating entity,
leveraging its Buy Now Pay Later (BNPL) receivables for this
structure.
The funds raised through this issuance will be utilized to
sustainably grow Hepsiburada's BNPL business and reduce its impact
on working capital. The offering was significantly oversubscribed,
and the marketing period was terminated early due to this strong
demand, reflecting significant investor appetite. Investors in the
issuance included major asset management companies, pension funds,
and high-net-worth individuals.
About Hepsiburada
Hepsiburada is a leading e-commerce technology platform in
Türkiye, connecting over 63 million members with approximately 230
million stock keeping units across over 30 product categories.
Hepsiburada provides goods and services through its hybrid model
combining first-party direct sales (1P model) and a third-party
marketplace (3P model) with over 101 thousand merchants.
With its vision of leading the digitalization of commerce,
Hepsiburada acts as a reliable, innovative and purpose-led
companion in consumers' daily lives. Hepsiburada's e-commerce
platform provides a broad ecosystem of capabilities for merchants
and consumers including: last-mile delivery and fulfilment
services, advertising services, on-demand grocery delivery
services, and payment solutions offered through Hepsipay,
Hepsiburada's payment companion and BNPL solutions provider.
HepsiGlobal offers a selection from international merchants through
its inbound arm while outbound operations aim to enable merchants
in Türkiye to make cross-border sales.
Since its founding in 2000, Hepsiburada has been purpose-led,
leveraging its digital capabilities to develop the role of women in
the Turkish economy. Hepsiburada started the 'Technology
Empowerment for Women Entrepreneurs' programme in 2017, which has
supported over 50.5 thousand female entrepreneurs throughout
Türkiye to reach millions of customers with their products.
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SOURCE Hepsiburada