Kaspi has completed a ₺4.17 billion (approximately $140 million) capital increase at Hepsiburada, marking one of the largest capital injections in Turkey in recent years. The move reinforces Kaspi’s long-term commitment to the Turkish market following its majority acquisition of the e-commerce platform earlier this year.
A Follow-On to the $1.1B Majority Acquisition
As a reminder, Kaspi entered Turkey in early 2025 by acquiring a majority stake in Hepsiburada for $1.1 billion. The newly completed capital increase is viewed as a continuation of that strategic investment, aimed at accelerating growth rather than merely changing ownership structure.
The decision was approved at Hepsiburada’s Extraordinary General Assembly on November 17, 2025, after which the company’s paid-in capital was formally increased.
Where the New Capital Will Be Deployed
According to the company, the funds raised will be used to support Hepsiburada’s current and planned growth initiatives, with a strong focus on strengthening its marketplace ecosystem.
Priority investment areas include:
- Development of digital tools for SMEs and retailers operating on the platform
- New services and solutions to improve sellers’ operational efficiency
- Further reinforcement of Hepsiburada’s e-commerce infrastructure
The emphasis is clearly on enabling merchants—not just scaling consumer-facing operations.
Strategic Alignment Between Kaspi and Hepsiburada
Mikheil Lomtadze, founder and CEO of Kaspi.kz and Chairman of Hepsiburada’s Board, described the capital increase as part of a long-term strategic vision.
He highlighted that Hepsiburada’s focus on digital products and services closely aligns with Kaspi’s core strengths across fintech, e-commerce, and digital ecosystem building.
Lomtadze also underlined a key pillar of Kaspi’s strategy in Turkey:
ensuring that local SMEs gain easier access to digital tools, fintech solutions, and cashless payment systems.
Beyond Ownership: A Broader Ecosystem Play
With this capital increase, the Kaspi–Hepsiburada partnership is being positioned as more than a financial transaction. Instead, it represents a broader effort to:
- Deepen digitalization among Turkish SMEs
- Integrate fintech capabilities into e-commerce workflows
- Build a more resilient and scalable digital commerce ecosystem in Turkey
The investment signals Kaspi’s intent to replicate its super-app–driven ecosystem model—successfully deployed in Kazakhstan—within one of the region’s largest e-commerce markets.
The Bigger Picture
At a time when e-commerce platforms are under pressure to balance growth with profitability, Kaspi’s ₺4.17 billion capital injection gives Hepsiburada significant firepower to invest in infrastructure, seller enablement, and long-term ecosystem health.
For Turkey’s digital economy, the move stands out as a rare example of large-scale, growth-oriented capital deployment rather than short-term financial restructuring.
Frequently Asked Questions About the Kaspi–Hepsiburada Capital Increase
How much was the capital increase?
₺4.17 billion.
Who provided the capital?
Kaspi, the majority shareholder of Hepsiburada.
When was the decision approved?
At Hepsiburada’s Extraordinary General Assembly on November 17, 2025.
What will the funds be used for?
SME-focused digital tools, seller efficiency solutions, and stronger e-commerce infrastructure.
Is this separate from Kaspi’s $1.1B acquisition?
Yes. It is a follow-on investment that builds on the earlier majority acquisition.
Who is Mikheil Lomtadze?
Founder and CEO of Kaspi.kz and Chairman of Hepsiburada’s Board.
Why is this investment significant?
It is one of the largest recent capital increases in Turkey and signals long-term ecosystem investment.
What is Kaspi’s broader goal in Turkey?
To expand access to fintech, digital services, and cashless payments for local SMEs.
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