Uber’s Strategic Play in Turkey: A $700M Bet on Trendyol GO’s Growth Potential

The $700 million acquisition of an 85% stake in Trendyol GO marks Uber’s boldest move yet into the high-growth Turkish food delivery market. By securing a controlling interest in one of the region’s leading platforms, Uber aims to capitalize on a sector projected to grow at a blistering pace while countering rivals like DoorDash and Deliveroo. This deal isn’t just about numbers—it’s a calculated bet on Turkey’s economic resilience and the power of localized execution.

The Numbers Behind the Deal

Trendyol GO’s 2024 performance underscores its value: 200 million orders and $2 billion in gross bookings, a 50% year-over-year surge. Partnering with 90,000 restaurants and 19,000 couriers, the platform has embedded itself in Turkey’s culinary landscape. For Uber, acquiring this infrastructure avoids the costly and time-consuming process of building from scratch in a market where it already operates ride-hailing services. The $700 million cash offer values Trendyol GO at $824 million on a cash-and-debt-free basis, suggesting Uber sees significant upside in scaling its delivery footprint in one of Europe’s largest economies.

Strategic Imperatives: Why Turkey?

Turkey’s food delivery market is a goldmine. With a population of over 85 million and a rapidly digitizing economy, the sector is expected to grow at a 16% CAGR through 2028. Uber’s entry here aligns with its broader shift toward delivery dominance: the company’s core ride-hailing business has plateaued in mature markets, but its Eats division now contributes nearly a third of its global revenue. Trendyol GO’s existing network and local partnerships provide an instant on-ramp to this high-growth arena.

The deal also cleverly avoids direct competition with Trendyol Group’s core e-commerce business, which remains under Alibaba’s wing. This separation ensures Uber can focus on food delivery without conflicting interests, a strategic nuance often overlooked in cross-border acquisitions.

Risks and Regulatory Hurdles

Not all is smooth sailing. Turkey’s macroeconomic challenges—including high inflation and a fragile currency—could dampen consumer spending. Additionally, regulatory approvals in both Turkey and the EU (due to Trendyol Group’s foreign ownership ties) may delay the deal’s closure, currently slated for late 2025.

Competitive pressures are another concern. DoorDash’s recent $6 billion acquisition of Deliveroo in the UK highlights the intensity of global delivery consolidation. Uber must ensure its integration of Trendyol GO’s operations doesn’t disrupt the platform’s user base or alienate local couriers and restaurants.

Financial Implications and Investor Takeaways

Uber’s management has framed the acquisition as “accretive to growth” once integrated. With Trendyol GO’s 50% annual gross bookings growth, this claim gains credibility. The deal also diversifies Uber’s revenue streams in a region where its ride-hailing services already generate steady cash flow.

Crucially, Uber’s stock has risen nearly 38% year-to-date, reflecting investor optimism about its shift toward delivery and autonomous vehicle partnerships (like those with Pony AI and Momenta). However, the $700 million outlay—while manageable for a company with $11.6 billion in annual revenue—will test its ability to balance short-term cash flow with long-term expansion.

Conclusion: A Calculated Gamble with Upside

Uber’s acquisition of Trendyol GO is a masterclass in strategic market entry. The Turkish food delivery sector’s growth trajectory, paired with Trendyol’s operational maturity, positions Uber to leapfrog competitors in a region ripe for disruption. With $2 billion in annual gross bookings and a 50% growth rate, Trendyol GO isn’t just a platform—it’s a cash flow engine.

The deal also signals Uber’s resolve to pivot toward delivery dominance. As ride-hailing growth slows in mature markets, leveraging localized assets like Trendyol GO becomes critical. While regulatory risks and macroeconomic headwinds loom, the transaction’s accretive potential and alignment with global delivery consolidation trends make it a compelling move. For investors, this is Uber doubling down on a sector where it can’t afford to lose—and where winning could redefine its future.

This analysis synthesizes financial metrics, market dynamics, and strategic positioning to evaluate the deal’s viability. The Turkish market’s growth, Trendyol’s operational strength, and Uber’s global scale combine to create a compelling narrative—one that could pay off handsomely if execution aligns with ambition.