Incir
Turkey's first end-to-end e-commerce solution was a combination of ecommerce with network marketing..
| Date | Investors | Amount | Round |
|---|---|---|---|
| investor | €0.0 | round | |
| investor investor | €0.0 | round | |
$3.0m | Series B | ||
| Total Funding | 000k | ||
| USD | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|
| Revenues | 0000 | 0000 | 0000 | 0000 | 0000 |
| % growth | - | - | - | - | (8 %) |
| EBITDA | 0000 | 0000 | 0000 | 0000 | 0000 |
| Profit | 0000 | 0000 | 0000 | 0000 | 0000 |
| EV | 0000 | 0000 | 0000 | 0000 | 0000 |
| EV / revenue | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x |
| EV / EBITDA | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x |
| R&D budget | 0000 | 0000 | 0000 | 0000 | 0000 |
Source: Dealroom estimates
Related Content
Incir.com, established in 2012 by founder Yusuf Yıldırım, operated within the Turkish e-commerce market by creating a distinct social commerce framework. The venture's origins are tied to Yıldırım's observation of social trust in commerce; he noticed his wife's friends relied on her recommendations for online purchases, which sparked the idea of a platform built on personal networks. This led to a business model that equipped aspiring entrepreneurs, many without technical or logistical resources, to launch their own personalized e-commerce storefronts.
The company provided a comprehensive, end-to-end solution, managing everything from product sourcing and technical infrastructure to payment processing and order fulfillment. Entrepreneurs could select from a vast catalog of products to sell under their chosen domain name, focusing solely on marketing to their social circles while Incir.com handled the operational complexities. Revenue was generated by taking a commission from the sales made through these individual online stores. This approach allowed people to generate income from home by leveraging their personal relationships.
The platform gained significant traction, attracting notable angel investors like Hasan Aslanoba and Kaan Karamancı. By 2015, Incir.com achieved a valuation of $57 million after securing a $3 million investment, highlighting its rapid growth. However, the business faced substantial challenges that led to its closure in 2016. A combination of political instability affecting investor confidence, financial difficulties, and intense competition from established e-commerce giants contributed to its decline. Furthermore, the business model's sustainability was questioned as many store owners lacked the sales experience to generate consistent revenue, which impacted the company's overall cash flow and ultimately led to the cessation of its operations.
Keywords: Yusuf Yıldırım, Turkish e-commerce, social commerce, network marketing, online storefronts, e-commerce platform, dropshipping model, affiliate marketing, direct sales, Hasan Aslanoba, Kaan Karamancı, consumer-to-consumer, social selling, e-commerce enabler, online marketplace, digital entrepreneurship, startup failure, tech startup Turkey, Istanbul commerce, Webdenal