Trendyol Seeks Over $1 Billion to Be Largest Turkish Startup

Turkish e-commerce firm Trendyol, which is backed by Chinese online giant Alibaba Group Holding Ltd., is seeking to raise more than $1 billion in a deal that could make it the country’s largest startup, people familiar with the matter said.

Trendyol is aiming for a valuation of at least $15 billion in the new round, the people said, asking not to be identified because the information is private. The fundraising is aimed at investors in the U.K. and the U.S. as the company looks to expand its international footprint, the people said.