Company Overview

D-Market Elektronik Hizmetler ve Ticaret A.Ş., operating under the Hepsiburada brand, is one of Turkey’s largest e-commerce platforms, providing an online marketplace that connects consumers with merchants offering a wide range of products. The company operates primarily in the e-commerce, digital marketplace, logistics, and fintech industries. Its core offering is a hybrid marketplace model combining first-party retail sales with a third-party merchant marketplace, enabling scale across categories such as electronics, home goods, fashion, groceries, and personal care.

Founded in 2000 as one of Turkey’s earliest online commerce ventures, the company evolved from a consumer electronics-focused retailer into a broad-based digital commerce ecosystem. Over time, Hepsiburada differentiated itself through localized logistics capabilities, integrated payment solutions, and a strong domestic brand presence. The company completed an initial public offering in 2021, listing American Depositary Shares on the Nasdaq under the ticker HEPS, marking a significant milestone in its corporate development.

Business Operations

The company generates revenue primarily through its Marketplace and Direct Sales business model, earning commissions from third-party merchants, direct product sales, advertising services, and logistics-related fees. A significant operational asset is HepsiJet, its in-house logistics and last-mile delivery business, which supports both internal fulfillment and merchant services. The platform also integrates merchant tools, data analytics, and advertising products designed to increase seller engagement and monetization.

In addition to commerce and logistics, D-Market operates Hepsipay, a digital payments and financial services unit that provides wallet services, payment processing, and consumer financing solutions within the platform. Operations are predominantly domestic, with international exposure mainly through cross-border sourcing, technology infrastructure, and capital markets rather than extensive foreign retail operations.

Strategic Position & Investments

Strategically, D-Market focuses on deepening ecosystem engagement by expanding high-margin services such as advertising, logistics, and fintech offerings. Growth initiatives emphasize increasing active users, improving merchant productivity, and expanding fulfillment infrastructure to enhance delivery speed and reliability. The company has invested heavily in automation, data-driven personalization, and scalable cloud-based commerce technologies.

Key subsidiaries supporting this strategy include HepsiJet and Hepsipay, which are central to vertical integration and customer retention. The company has also invested in sustainability-focused initiatives, women-led entrepreneurship programs, and digital inclusion efforts, positioning itself as a socially responsible technology platform within Turkey’s digital economy. Public disclosures indicate selective investments rather than large-scale international acquisitions, with capital allocation focused on reinforcing its domestic competitive moat.

Geographic Footprint

D-Market’s operations are primarily concentrated in Turkey, where it serves customers nationwide through a dense network of fulfillment centers, sortation hubs, and delivery routes. Its headquarters are located in Istanbul, which also serves as the core hub for executive leadership, technology development, and corporate functions.

While revenue is overwhelmingly domestic, the company maintains an international presence through supplier relationships, cross-border e-commerce offerings, and its listing in the United States capital markets via Nasdaq. Technology infrastructure, investor relations, and certain strategic partnerships extend the company’s influence beyond Turkey, although international retail operations remain limited based on publicly available disclosures.

Leadership & Governance

D-Market was founded by Hanzade Doğan Boyner, who played a central role in shaping its long-term vision as a technology-driven marketplace. The company is led by an executive team with experience across e-commerce, finance, and logistics, emphasizing operational discipline, platform scalability, and sustainable growth. Governance is structured around a board of directors with representation from founding shareholders and independent members, consistent with publicly listed company standards.

Key executives include:

• Nilhan Onal Gökçetekin – Chief Executive Officer
• Hanzade Doğan Boyner – Founder and Chair of the Board
• Ender Özgün – Chief Financial Officer
• Tolga Turgut – Chief Commercial Officer
• Ozan Yalçın – Chief Technology Officer

Leadership communications and regulatory filings consistently emphasize a strategy centered on long-term value creation, customer trust, merchant empowerment, and disciplined capital management.