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eBay Acquires Turkish Marketplace GittiGidiyor

submitted Apr 12, 2011 by (@leenarao)
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EBay Acquires Turkish Marketplace GittiGidiyoreBay is announcing the acquisition of Turkish auction marketplace GittiGidiyor. The deal follows eBay's acquisition of a minority stake in the company in 2007. With the new investment, eBay now owns approximately 93% of the outstanding shares of GittiGidiyor. Terms of the deal were not disclosed.

Launched in, 2001, GittiGidiyor has more than 6.4 million registered users. GittoGidyor is fundamentally an eBay clone, but localized for the Turkish market. The commerce also includes a mandatory escrow service for payments between buyer and seller. GittiGidyor's largest categories are Fashion and Consumer Electronics. moreover to eBay, the company formerly raised capital from iLab Ventures, founded and led by have toafa E. Say.

eBay also believes that traffic and usage of the marketplace will increase, as Turkey is the world's 12th largest market for Internet usage, and has a penetration rate of 45%.

Serkan Borançılı, co-founder and chairman of GittiGidiyor's board of directors, issued this statement: fitting an eBay company is a source of fantastic pride for GittiGidiyor…By being fully part of eBay, we can accelerate our development, benefit from world lesson best practices and consolidate our leadership position in one of Europe is fastest growing ecommerce markets.

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