Is Hepsiburada profitable in 2026?

No. Hepsiburada posted a net loss of TRY 992.0 million in Q1 2026, more than double the TRY 464.7 million loss a year earlier, despite revenue growing 22.9 percent to TRY 23,136.6 million. FY2025 net loss was TRY 5.7 billion, widened from TRY 2.1 billion in 2024, as of May 7, 2026 reporting.

Who owns Hepsiburada now?

Kaspi.kz, a Kazakhstan-based Nasdaq-listed fintech, closed acquisition of a 65.41 percent controlling stake in Hepsiburada on January 29, 2025, for about 1.127 billion dollars, taking control from founder Hanzade Dogan and family. Kaspi's Mikheil Lomtadze now chairs Hepsiburada's board.

Is Hepsiburada losing to Trendyol?

Yes, by most third-party estimates. Trendyol, majority owned by Alibaba, holds an estimated 35 to 45 percent share of Turkish e-commerce in 2025 to 2026, versus Hepsiburada's 16 to 20 percent, according to Euromonitor and Mordor Intelligence data cited in 2025 and July 2026 reports.

Could AI replace Hepsiburada?

Unlikely to fully replace it, since Hepsiburada holds regulated fintech licenses, nationwide logistics via HepsiJet in all 81 provinces, and a merchant and customer data network. But no public evidence shows Hepsiburada shipping generative AI tools as of 2026, while rival Trendyol says it deployed an in-house LLM in 2024.

Is Hepsiburada stock about to be diluted?

Yes. Hepsiburada called an Extraordinary General Assembly for August 14, 2026 to vote on a TRY 9,321,419,250 capital increase that would expand shares outstanding from 361.8 million to about 433.3 million, roughly 20 percent dilution, with pre-emptive rights waived, announced July 14, 2026.

What is Hepsiburada's biggest competitor?

Trendyol, backed by Alibaba with roughly a 70 percent stake, is Hepsiburada's dominant rival, holding an estimated 35 to 45 percent of Turkish e-commerce value share in 2025 to 2026 versus Hepsiburada's 16 to 20 percent, and it sold 85 percent of its delivery arm Trendyol Go to Uber for 700 million dollars in May 2025.

E-commerce and marketplaces · subsidiary of Kaspi.kz (Kazakhstan, Nasdaq: KSPI) · Turkey

Hepsiburada

hepsiburada.com ↗

Turkish online marketplace, Nasdaq-listed, ranks #2 in e-commerce behind Trendyol.

Losing its protection

Assessed 22 July 2026 · Evidence as of 22 July 2026

The structural protection is eroding.

On the recordSince 22 July 2026 · Checkable from August 14, 2026 · Every call on the record Checkpoint: Extraordinary General Assembly votes on TRY 9.3bn dilutive capital increase

The call

Hepsiburada stays Turkey's clear number two marketplace, but widening losses, Trendyol's AI-backed scale, and Kaspi's dilution plan cloud its path.

Hepsiburada is Turkey's second-largest online shopping platform, with its own payment system, delivery network, and millions of sellers. It is getting crushed by Trendyol, which is backed by Chinese giant Alibaba, has almost three times Hepsiburada's market share, better funding, and has already rolled out AI tools to help shoppers search and sellers manage their stores, while Hepsiburada has not publicly shown the same AI weapons. The real danger is not just losing customers to Trendyol, but that Kaspi.kz, the controlling shareholder, may force through a huge dilution of existing investors' stakes in August 2026 and possibly take the company fully private at a low price, leaving minority shareholders with little say or value.

Why

AI pressure: Trendyol's in-house LLM for search and seller tools. Trendyol's LLM already powers product discovery and seller tools; Hepsiburada has shown no public AI deployment to match it. Could AI do the core job? Only partly.

Bigger players: Trendyol (Alibaba-backed). Trendyol holds about 45% of Turkish e-commerce versus Hepsiburada's 16%, backed by Alibaba's capital and logistics scale. Could a giant copy it? Probably.

What protects it. Licensed fintech arm, nationwide logistics, and years of merchant and customer data give it real switching costs to overcome.

What would change this call

Outcome of August 14, 2026 EGM vote on TRY 9.3bn capital increase (20% dilution). Shows whether Kaspi pushes through dilution over minority holders' objections.
Q2 and Q3 2026 earnings net loss trend versus Q1 2026's TRY 992m loss. Reveals whether losses are stabilizing or still widening despite revenue growth.
Any Kaspi.kz move toward increasing ownership stake or delisting Hepsiburada. Would indicate a squeeze-out of minority shareholders is underway.

Key numbers

FY2025 net loss widened to TRY 5.7bn (2026-02-26)
Trendyol ~45% share vs Hepsiburada ~16% (2024)
Q1 2026 net loss doubled to TRY 992m (2026-05-07)

Named risks

Shareholder dilution from TRY 9.3bn capital increase voted Aug 14, 2026, expanding shares by about 20pct. Severity: high
Widening net losses despite revenue growth, net loss more than doubled YoY in Q1 2026. Severity: high
Controlling shareholder Kaspi.kz may pursue further ownership consolidation or delisting, unresolved as of mid 2026. Severity: medium
No disclosed generative AI deployment in search, seller tools, or customer service versus Trendyol's in-house LLM. Severity: medium
Results reported under IAS 29 hyperinflation accounting, exposing headline figures to Turkish currency and inflation swings. Severity: medium

Rivals, as read in July 2026

Rival	Direction	Evidence
Trendyol	losing to	Trendyol held est. 35 to 45pct Turkish e-commerce share vs Hepsiburada's 16 to 20pct as of 2025 to 2026
Trendyol	losing to	Trendyol says it deployed an in-house LLM in 2024; no equivalent Hepsiburada AI launch disclosed as of 2026
n11	contesting	n11, Turkey's third marketplace at 10 to 12pct share, acquired by UAE's DMSF Holding around June 2025
Amazon Turkiye	contesting	Amazon has operated in Turkey since 2018 and ranks among top online stores by revenue per ecommerceDB, 2024 data

Questions people ask

Is Hepsiburada profitable in 2026?: No. Hepsiburada posted a net loss of TRY 992.0 million in Q1 2026, more than double the TRY 464.7 million loss a year earlier, despite revenue growing 22.9 percent to TRY 23,136.6 million. FY2025 net loss was TRY 5.7 billion, widened from TRY 2.1 billion in 2024, as of May 7, 2026 reporting.
Who owns Hepsiburada now?: Kaspi.kz, a Kazakhstan-based Nasdaq-listed fintech, closed acquisition of a 65.41 percent controlling stake in Hepsiburada on January 29, 2025, for about 1.127 billion dollars, taking control from founder Hanzade Dogan and family. Kaspi's Mikheil Lomtadze now chairs Hepsiburada's board.
Is Hepsiburada losing to Trendyol?: Yes, by most third-party estimates. Trendyol, majority owned by Alibaba, holds an estimated 35 to 45 percent share of Turkish e-commerce in 2025 to 2026, versus Hepsiburada's 16 to 20 percent, according to Euromonitor and Mordor Intelligence data cited in 2025 and July 2026 reports.
Could AI replace Hepsiburada?: Unlikely to fully replace it, since Hepsiburada holds regulated fintech licenses, nationwide logistics via HepsiJet in all 81 provinces, and a merchant and customer data network. But no public evidence shows Hepsiburada shipping generative AI tools as of 2026, while rival Trendyol says it deployed an in-house LLM in 2024.
Is Hepsiburada stock about to be diluted?: Yes. Hepsiburada called an Extraordinary General Assembly for August 14, 2026 to vote on a TRY 9,321,419,250 capital increase that would expand shares outstanding from 361.8 million to about 433.3 million, roughly 20 percent dilution, with pre-emptive rights waived, announced July 14, 2026.
What is Hepsiburada's biggest competitor?: Trendyol, backed by Alibaba with roughly a 70 percent stake, is Hepsiburada's dominant rival, holding an estimated 35 to 45 percent of Turkish e-commerce value share in 2025 to 2026 versus Hepsiburada's 16 to 20 percent, and it sold 85 percent of its delivery arm Trendyol Go to Uber for 700 million dollars in May 2025.

Timeline

2026-07-14Hepsiburada calls EGM for Aug 14, 2026 to approve TRY 9.3bn dilutive capital increase
2026-07-01CEO transition completed: Ender Ozgun becomes CEO, Hakan Karadogan leads Delivery unit
2026-05-07Q1 2026 results: revenue up 22.9pct, net loss widens to TRY 992.0 million
2026-02-26FY2025 results: revenue up 13.4pct, net loss widens to TRY 5.7 billion
2026-02Hepsiburada Premium membership price raised for first time since Oct 2024
2025-06Rival n11 marketplace acquired by UAE-based DMSF Holding
2025-05Trendyol sells 85pct of delivery arm Trendyol Go to Uber for 700 million dollars
2025-01-29Kaspi.kz completes acquisition of 65.41pct controlling stake in Hepsiburada
2024-10-17Kaspi.kz signs agreement to acquire 65.41pct of Hepsiburada for about 1.127 billion dollars
2021-07-01Hepsiburada IPOs on Nasdaq, first Turkish company listed there

Revision history

22 July 2026

First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.

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