Trendyol, a Turkish e-commerce major, has received $1.5 billion in a fresh round of funding, valuing the startup at $16.5 billion.

The round was co-led by General Atlantic, SoftBank Vision Fund 2, as well as Princeville Capital and sovereign wealth funds, ADQ and the Qatar Investment Authority.

Trendyol intends to use the net proceeds from the financing round to boost its growth both within Turkey and internationally.

Earlier this year, Chinese peer Alibaba had invested a further $350 million in Trendyol in a capital increase, boosting its stake to 86.5 percent after the transaction.