Who owns Hepsiburada?
Hepsiburada is owned by Kaspi.kz (Kazakhstan, Nasdaq: KSPI), which has owned the brand since 29 January 2025.[1]
Kaspi.kz owns 85.17% of Hepsiburada rather than all of it.
Evidence: Joint Stock Company Kaspi.kz Annual Report on Form 20-F filed 2026-03-16, SEC EDGAR, 16 March 2026. Verified from filings; last checked .
Key facts
- Current owner
- Joint Stock Company Kaspi.kz (85.17% stake) verified
- Owned since
- Owner HQ
- 🇰🇿 Kazakhstan, Almaty
- Origin
- 🇹🇷 Turkey
- Category
- Internet & digital › Online commerce › Online retail
- Parent ticker
- Nasdaq: KSPI
- Last verified
- · 1 sources
About Hepsiburada
Hepsiburada is one of the largest e-commerce platforms in Türkiye, run by D-MARKET Electronic Services & Trading on a hybrid model that combines first-party direct sales with a third-party marketplace. Kaspi.kz bought 65.41 per cent of it on 29 January 2025 for about $1.13 billion, took that to 75.96 per cent in December 2025 and to 85.17 per cent under an agreement signed on 5 January 2026. The business made up roughly a quarter of group revenue in its first year and lost money over it.
What Kaspi.kz's annual report says about Hepsiburada
Sentences about Hepsiburada from Kaspi.kz's latest annual filing[1], copied word for word.
For example, our acquisition of a controlling stake in Hepsiburada expanded our addressable market in T rkiye.
Likewise, our subsidiary Hepsiburada experienced a cybersecurity incident in February 2024 in which several hundred merchant accounts were breached.
The acquisition of Hepsiburada was our first meaningful step toward international expansion, and we may fail to successfully scale our business model and reach sustained profitability in this or other parts of our business.
How often Kaspi.kz names Hepsiburada in its annual report
A plain count of the times the name appears in the text of each annual report, not counting the start of a sentence. A brand that an owner writes about more is usually one it treats as central. The brand is named more often than it was three years earlier.
Ownership timeline of Hepsiburada
Where Hepsiburada sits in Kaspi.kz
Controlling ownership as of . Brands grouped under the entity that owns them; large groups are collapsed.
Open the full Kaspi.kz ownership tree →
See the full Kaspi.kz brand portfolio (10) →
Other brands owned by Kaspi.kz
Kaspi.kz controls 10 brands on Brandtree, 10 of them in internet & digital.
Also in internet & digital
- Bina.az
- Kaspi Alaqan (2025)
- Kaspi Gold
- Kaspi Pay (2020)
- Kaspi Red
- Kaspi Travel (2020)
- Kaspi.kz
- Tap.az
- Turbo.az
Other brands in online retail, and who owns them
The 33 brands in online retail on Brandtree belong to 21 owners. The largest is Wayfair, with 6.
| Brand | Owner | Owner based in |
|---|---|---|
| AllModern | Wayfair | 🇺🇸 United States |
| Época Cosméticos | Magalu | 🇧🇷 Brazil |
| Rakuten 24 | Rakuten | 🇯🇵 Japan |
| Amazon.com | Amazon | 🇺🇸 United States |
| eobuwie | MODIVO | 🇵🇱 Poland |
| Delio (Poland) | Żabka Group | 🇱🇺 Luxembourg |
| Freshippo | Alibaba | 🇭🇰 Hong Kong |
| Apohem | Axfood | 🇸🇪 Sweden |
About the owner: Kaspi.kz
Kaspi.kz is a publicly listed company headquartered in Almaty, Kazakhstan, founded in 2008. Brandtree records 10 brands under its control, and it is listed as Nasdaq: KSPI.
Kaspi.kz is a Kazakhstani company, incorporated in 2008 and listed on the Nasdaq Global Select Market, that runs what it calls a two-sided Super App model: the Kaspi.kz Super App for consumers and the Kaspi Pay Super App for merchants and entrepreneurs. It reports three platforms — Payments, Marketplace and Fintech — and says it serves around 27.5 million users, 15.7 million of them in Kazakhstan and 11.8 million in Türkiye. Its Kazakh business is dominant enough that a Kantar survey it commissioned put the Kaspi.kz name first for brand awareness in mobile applications, e-commerce, payments, travel, consumer finance and deposits. It acquired a controlling stake in the Turkish e-commerce platform Hepsiburada in January 2025.
🇹🇷 Hepsiburada and other Turkish brands
Brandtree records a controlling owner for 97 brands that began in Turkey. 11 of them (11%) are now controlled by a company headquartered in another country, Hepsiburada among them.
- BiP — Turkcell 🇹🇷
- Martı — Marti 🇹🇷
- Migros Sanal Market — Migros 🇹🇷
- Trendyol — Alibaba 🇭🇰
- Yemeksepeti — Delivery Hero 🇩🇪
- AJet — Turkish Airlines 🇹🇷
Frequently asked questions
Who is the parent company of Hepsiburada?
The parent company of Hepsiburada is Kaspi.kz, a publicly listed company headquartered in Kazakhstan.
Is Hepsiburada Turkish or Kazakhstani?
Hepsiburada originated in Turkey, but it is owned today by Kaspi.kz, which is headquartered in Kazakhstan. So Hepsiburada is a Turkish-origin brand under Kazakhstani ownership.
Since when has Kaspi.kz owned Hepsiburada?
Kaspi.kz has owned Hepsiburada since 29 January 2025.
Is Hepsiburada still owned by Kaspi.kz?
Yes. As of 29 October 2026, Hepsiburada is still owned by Kaspi.kz (85.17% stake). The ownership record was last checked against primary sources on that date.
Sources (1) & corrections
Last verified . Every ownership fact above is backed by one of these primary documents. Numbers in brackets in the text refer to this list.
- [1] Joint Stock Company Kaspi.kz Annual Report on Form 20-F filed 2026-03-16 — SEC EDGAR, SEC Form 20-F, published 16 March 2026; retrieved 16 September 2026.
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