Hepsiburada means "everything is here" in Turkish, and the name was the plan. Hanzade Doğan Boyner, from one of Turkey's best-known business families, started the store in 2000, when few Turks shopped online. Two decades later it sold electronics, fashion, groceries, and more to millions of customers, with its own delivery network behind it. It called itself one of the few tech companies anywhere founded by a woman. It went public on Nasdaq in 2021, while the lira was sliding.

A Store Built in Istanbul

Doğan Boyner founded Hepsiburada in 2000 as an online retailer that bought and sold its own stock. In 2015 it opened a marketplace to outside merchants, who paid commissions to reach its shoppers. It built its own warehouses and a delivery company, HepsiJet, which ran in 63 cities by 2021. It added HepsiPay for payments and HepsiExpress, which brought groceries in 30 to 60 minutes. The bet was that owning delivery would win Turkish shoppers' trust.

From Doğan to Kaspi

D-Market, the company behind Hepsiburada, priced its IPO at $12 per American depositary share and listed on Nasdaq as HEPS in July 2021. The shares fell soon after as Turkey's currency crisis deepened. In October 2024 Doğan Boyner and her family agreed to sell their controlling stake to Kaspi.kz, a Kazakh fintech and shopping company. The sale closed in January 2025, and Kaspi now owns about 86 percent. The ADSs still trade on Nasdaq as HEPS.

Cover: Contantinople - Fountain of Sweet Waters on the Asiatic Shore of the Bosphorus, Frank Mason Good. Art Institute of Chicago, public domain. Chosen for Constantinople on the Bosphorus (Istanbul).