Turkish e-commerce company Trendyol is considering raising about $1 billion to help its growth, people familiar with the situation said.

Trendyol is informally sounding out interest from potential investors in a funding round that could kick off as soon as next quarter, according to the people, who asked not to be identified discussing a private matter.

Talks are only at an early stage and may not lead to a transaction, the people said. A representative from Trendyol, which is controlled by Alibaba Group Holding Ltd., declined to comment. Alibaba didn’t immediately respond to a request for comment.

In 2021, Trendyol raised $1.5 billion from investors led by SoftBank Group Corp. and General Atlantic, giving it a valuation of $16.5 billion. Middle Eastern sovereign wealth funds and Princeville Capital were also in the round.

Trendyol was founded by Demet Mutlu in 2010 and has grown into Turkey’s biggest e-commerce platform, expanding into other markets including the Gulf region, and with orders growing more than 20% in fiscal 2024, Alibaba’s annual report shows. It is part of the Alibaba International Digital Commerce Group, which also operates platforms such as AliExpress, Lazada, Daraz and Miravia.

Alibaba recently appointed executive Jiang Fan to oversee e-commerce operations after its core Chinese business posted worse-than-expected results.