THANKS TO A venture-capital (VC) boom, it is no longer unusual to find tech unicorns, as unlisted startups valued above $1bn are known, springing up in middle-income countries. However, two coming from Turkey are particularly strange creatures. First, they are big. Trendyol, an e-commerce company, is valued at $16.5bn, giving it the status of a “decacorn” worth $10bn or more. Getir, a pioneer of “superfast” grocery delivery, is reportedly close to joining that select group. Second, they are battle-hardened. Both come from a country wracked by inflation, currency instability and barmy economic policies, any of which can be kryptonite for investors. Most striking, their founders
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