Dubai - Mubasher: The Abraaj Group on Thursday announced that it had acquired, through its Anatolia Growth Capital Fund, a minority stake in Biletal İç ve Dış Ticaret A.Ş, a leading Turkey-based online travel agent.
The new deal represents the first technology investment carried out by a private equity or venture capital fund outside of Ankara in the Anatolia region of Turkey, and the third investment made by the Anatolia Growth Capital Fund, Abraaj stated.
“We look forward to utilising our know-how and expertise from our other e-commerce and online platform investments to help take Biletall to the next level,” said Selçuk Yorgancıoğlu, partner and head of Turkey and Central Asia at Abraaj.
“The combination of Abraaj’s successful track record in Turkey, depth of investment and operating expertise in online businesses across growth markets and Biletall’s experience and leading position in our industry will create synergistic value add to our company,” Yaşar Çelik, Biletall’s CEO commented.
Abraaj’s Anatolia Growth Capital Fund invests in high growth companies in the less developed regions of Turkey and targets 43 provinces, whose per capita incomes remain below 75% of the national average.
The Abraaj Group has been investing in Turkey since 2007 and its partner companies include the leading e-commerce business Hepsiburada, integrated logistics player Netlog and dairy manufacturer Yörsan Group.
Biletall sells tickets for over 170 intercity bus companies, and more than 120 domestic and international airlines, in addition to domestic ferry and train services.
