China's Alibaba invests $350 million in capital increase to Turkey's Trendyol -trade registry

FILE PHOTO: FILE PHOTO: The logo of Alibaba Group is seen at its office in Beijing

(Corrects Trendyol description in second paragraph)

ISTANBUL (Reuters) -Chinese internet giant Alibaba invested $350 million in Turkish e-commerce firm Trendyol in a capital increase, according to an entry in the country's trade registry.

Trendyol, one of Turkey's best known e-commerce platforms, has drawn backing from foreign investors and holds a leading position in Turkey's fragmented e-commerce market.

Alibaba, which purchased Trendyol in 2018, increased its stake to 86.5% after the transaction according to the registry.

Trendyol declined to comment.

(Reporting by Ebru TuncayWriting by Ezgi Erkoyun)