- IFC is investing up to $7 million in ikas, a locally developed e-commerce software platform
- The innovative one-stop e-commerce platform enables SMEs to create online stores and sell goods online
- The platform leverages data and data analytics to help facilitate access to financing for underserved SMEs
- The company hopes at least a quarter of new customers will be SMEs owned or led by women
Istanbul, Türkiye, April 4, 2024—A new IFC investment in an innovative digital platform aimed at catalyzing Türkiye's digital economy, while boosting the efficiency, productivity, and revenues for small- and medium-sized businesses (SMEs) in the country, particularly those owned or led by women.
IFC is investing up to $7 million in ikas, a locally developed e-commerce platform for SMEs, which allows them to easily sell goods online. In addition, ikas' software enables small businesses to manage their products and inventory, process orders and payments, build customer relationships, and collect data to gain insights into their businesses. It can also help SMEs access financing.
IFC's funding will enable the company to expand across Türkiye, Germany, and other Central and Eastern European countries.
"The funding from IFC, will support our mission to make a substantial impact in the e-commerce landscape, both locally and internationally," said Mustafa Namoğlu, CEO of ikas. "This investment will enable us to enhance our platform, offering more comprehensive support to small and medium enterprises (SMEs) in Türkiye and around the globe, helping them to thrive in an increasingly digital landscape."
In Türkiye, SMEs are an important driver of economic growth and job creation, but many have struggled amid a challenging macroeconomic environment, high inflation, and currency depreciation. Online commerce platforms can help SMEs improve their access to markets and bolster efficiency by automating tasks and providing data analytics.
"Boosting innovation and the growth of smaller businesses, particularly women-owned and-led businesses, is a priority for IFC," said Wiebke Schloemer, IFC Director for Türkiye and Central Asia from IFC. "ikas' innovative software has the potential to transform e-commerce in Türkiye, enabling smaller businesses to access new markets, boost their online sales and productivity, and better adapt to the rapidly changing business landscape."
IFC has supported private sector development in Türkiye for more than 50 years, with investments of nearly $20 billion in the last decade alone. Türkiye represents IFC's third-largest country exposure globally, with a committed portfolio of close to $5.2 billion as of January 2024.
About ikas
ikas is a cutting-edge e-commerce platform designed to empower small and medium-sized enterprises (SMEs) and entrepreneurs to launch their online stores without the need for technical expertise. Beyond facilitating traditional e-commerce, ikas enables businesses to manage e-export processes, thus opening up global sales opportunities through its advanced features. Furthermore, ikas significantly boosts its users' sales by providing a suite of diverse automation tools and marketing strategies. Catering to businesses striving for e-commerce success, it streamlines sales and management operations on a single platform for optimal efficiency.
About IFC
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2023, IFC committed a record $43.7 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org.
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