Investments

Turkey’s Ikas raises investment for omnichannel retail management platform

Ankara-based omnichannel retail management platform Ikas has raised an investment from Qnbeyond Ventures, the investment arm of Turkish bank QNB Finansbank, it told MENAbytes earlier this week. It did not disclose the size of investment but said that it valued the Turkish startup at $6 million (post-money).

Founded in 2018 by Mustafa Namoglu, Omercan Celikler, Tugay Karacay and Umut Ozan Yıldırım, Ikas makes it easy for businesses to manage their physical stores, marketplace sales and e-commerce, from one single platform.

It comes with the cloud-based POS system that enables businesses to manage their offline stores and an online marketplace management platform that allows them to manage orders and inventory on different leading local online marketplaces including Trendyol, Hepsiburada, Amazon Turkey, and N11. It also comes with integration options for the leading ecommerce enablement platforms like Shopify, Woocommerce, and Magento.

The businesses using its marketplace management solution can list all their products with a single click, manage the inventory and orders (both from online and offline stores), and send electronic invoices to customers.

The pricing of the solutions Ikas offers depends on the size of the business (i.e. number of offline stores) and whether it is only looking for the POS software, marketplace management platform, ecommerce, or a combination of three. The POS software starts from $235/month (EUR 199) and the marketplace integration from $176/month (EUR 149).

Mustafa Namoglu, the co-founder and CEO of Ikas, speaking to MENAbytes said that they will use the investment to grow their product and engineering team and acquire new customers.

He also said that they currently have over 1,000 retailers on the platform in Turkey and they plan to launch the platform globally next year.

Zubair Naeem Paracha

Zubair Naeem Paracha

Founder at MENAbytes
A tech and startup enthusiast based in Lahore, Pakistan. Zubair apart from leading MENAbytes is also building Qraar, a career discovery and development platform for millennials in MENA. He can be reached on Linkedin, Twitter or zubair [at] menabytes [dot] com.
Zubair Naeem Paracha
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