An early backer of Getir is preparing for its next act as it comes off a gain of nearly 6,000% in the value of its investment in the Turkish delivery app.
The big opportunity spotted by Re-Pie Asset Management Inc. is in Turkey’s “buy now, pay later” sector, a business model that’s enjoying a moment globally.
Re-Pie’s latest fintech investment in Colendi, a financial services platform with 2.4 million users, was made at a $120 million valuation, just below what Getir fetched when the asset manager backed it in 2018.
“Colendi ticks all the boxes to be the next unicorn of Turkey,” Emre Camlibel, chairman of Re-Pie, said in Istanbul.
Getir, alongside e-commerce platform Trendyol, is leading a crop of tech upstarts that’s shaking up the pecking order of Turkey Inc. Hepsiburada.com, another large online shopping platform, this year became the first Turkish firm to list on Nasdaq.
