Demet Mutlu has redefined the e-commerce landscape in Turkey, turning her startup, Trendyol, into the country’s first decacorn and one of the most influential platforms in the Middle East and North Africa. Her entrepreneurial journey, marked by bold decisions and relentless focus, exemplifies the potential of innovation when combined with purpose.
Early Days and the Birth of Trendyol
Demet Mutlu’s foray into entrepreneurship began in 2009 when, during her MBA at Harvard Business School, she identified a gap in Turkey’s e-commerce market. Despite the risks, she dropped out of Harvard, invested $300,000 of her own funds, and launched Trendyol from her kitchen table. At a time when online retail was still nascent in Turkey, this decision was both unconventional and pioneering.
Trendyol began as a fashion-focused e-commerce platform, catering to a rapidly digitizing market. Within its first 16 months, the platform had achieved sales of $150 million and continued to scale rapidly. Over the years, Trendyol evolved into a multifaceted e-commerce ecosystem, introducing marketplace services, private labels, and technological innovations that set it apart from competitors.
Scaling to Become Turkey’s First Decacorn
What started as a single shopping site grew into a powerhouse valued at $16.5 billion. Trendyol holds a 60 percent share of Turkey’s online fashion sales, serves over 16 million customers, and records more than 200 million monthly visits.
Its growth was fueled by investments from major global players, including Alibaba Group, which became a key shareholder with a $750 million investment in 2018. Other prominent investors, such as Tiger Global, SoftBank, and Kleiner Perkins, backed the platform, recognizing its potential to dominate the MENA region’s e-commerce market.
Trendyol’s valuation skyrocketed by more than 20 times in just three years, reflecting both Turkey’s increasing embrace of digital shopping and Mutlu’s ability to capitalize on the shift.
Evolving into a Superapp
Trendyol’s transition from an e-commerce platform to a superapp has been a significant driver of its success. The platform expanded its services to include instant food delivery through Trendyol Go, digital payments via Trendyol Pay, and even a leading second-hand marketplace called Dolap.
This diversification enabled the company to tap into multiple consumer needs, ensuring its relevance and dominance in a competitive market. By seamlessly integrating different services, Trendyol positioned itself as more than an online shopping platform—it became an essential part of everyday life for millions of consumers.
Making an Impact Beyond Business
Trendyol’s success goes beyond revenue and valuation. The platform has become a critical enabler of economic growth in Turkey by supporting small businesses, promoting sustainable practices, and empowering women entrepreneurs.
Over 250,000 sellers operate on the platform, with 90 percent of them reporting business growth. Trendyol has also supported more than 50,000 female entrepreneurs in launching their businesses, demonstrating a commitment to inclusion and empowerment. Additionally, the company has actively promoted sustainable practices, supported local designers through initiatives like the Fashion is Me program, and collaborated with communities to create positive social and environmental impact.
A Visionary Leader with a Global Perspective
Before launching Trendyol, Mutlu graduated from New York University as the top student in economics and worked in brand management roles at Altria, Procter & Gamble, and Reckitt Benckiser. This strong foundation in consumer understanding and operational efficiency contributed to her ability to build and scale Trendyol. Her influence extends far beyond her company. Mutlu has co-founded and invested in several tech startups, including Peak Games, which became Turkey’s first billion-dollar gaming startup before being acquired by Zynga for $1.8 billion. As a member of the World Economic Forum’s Young Global Leaders and an advocate for women in tech, Mutlu continues to shape the future of entrepreneurship by supporting initiatives that foster diversity and innovation.
Conclusion
Demet Mutlu’s journey from Harvard dropout to the leader of Turkey’s first decacorn is a testament to vision, resilience, and a commitment to making a meaningful impact. Through Trendyol, she has redefined e-commerce in Turkey, empowered small businesses, and created opportunities for women in the digital economy.
Her story underscores the transformative power of entrepreneurship and serves as an inspiration for aspiring leaders worldwide.
