In another milestone for Turkish online food ordering and delivery service Yemeksepeti, led by Endeavor Entrepreneur Nevzat Aydin, the company’s owner Delivery Hero went public on the Frankfurt stock market on June 30. Nevzat, who continued on as CEO of Yemeksepeti after its acquisition, attended the bell-ringing ceremony with Delivery Hero CEO Niklas Östberg and board members.
With shares starting at 25.50 euros, Delivery Hero’s market value opened strong at about 4.4 billion euros.
Delivery Hero acquired Yemeksepeti for $589 million in 2015 in a landmark deal — the largest-ever acquisition in the food-ordering sector and the largest Internet-related deal in Turkey. Following the acquisition, Nevzat made headlines after he paid out $27 million in bonuses to his 115 employees at the time, telling the Turkish newspaper Hürriyet that, though the company was bound by contract to share the revenues from the sale, the employees deserved the acknowledgment.
Selected into the Endeavor network in 2007, Nevzat and Yemeksepeti’s co-founders Melih Ödemiş and Cem Nufusi have received strategic guidance from Endeavor mentors as well as introductions to key investors, having attended and participated in a number of Endeavor events around the world. Endeavor Catalyst participated in Yemeksepeti’s 2012 $44 million funding round led by General Atlantic. Its acquisition would mark Endeavor Catalyst’s second successful exit.
Read more about Delivery Hero and Yemeksepeti’s latest move here in the Hürriyet.