×

The Amazon.com of Turkey? This investor thinks so

Turkish e-commerce website Hepsiburada.com
Source: Hepsiburada.com
Turkish e-commerce website Hepsiburada.com

An online retailer will use fresh private equity cash to strengthen its mobile offering, enhance technology infrastructure and move into a new custom million-square-foot fulfillment center to process the 500,000 products it sells, from tablet computers to Pilates gear.

If it sounds like Amazon.com, it's because Turkish e-commerce business Hepsiburada.com is trying to be as ubiquitous in Turkey as Jeff Bezos' online empire is in the U.S.

The Abraaj Group, a $7.5 billion developing markets-focused private equity firm, announced Monday that it bought a minority stake in Hepsiburada in a bid to help tap into growing online consumer spending in Turkey.

Terms of the deal weren't disclosed, but a person familiar with the situation said Abraaj took a 25 percent stake at a valuation of $400 million, meaning Abraaj's cut is worth $100 million.

Istanbul-based Hepsiburada is owned by a prominent Turkish business family, the Dogans. The patriarch, media mogul Aydin Dogan, is worth an estimated $1.1 billion, according to Forbes. Hepsiburada's executive chairwoman is Dogan's daughter, Hanzade Dogan Boyner.

"Hepsiburada is the first-mover and the largest player in the online retail sector in Turkey, and is uniquely positioned to lead the expansion of e-commerce in the country," Selcuk Yorgancıoglu, Abraaj's regional head of Turkey and Central Asia, said in a statement.

According to Abraaj, Hepsiburada is the largest e-commerce player in Eastern Europe, the Middle East, Africa and Russia by revenue (1 billion Turkish lira net or about $400 million). It has more than 1.5 million unique customers a year and an excess of 14 million unique monthly visitors.

Read MoreEpic battle underway in the private equity world

The investment is Dubai-based Abraaj's ninth investment in Turkey since 2007.