As of November 10, 2026, 3 holders' latest Schedule 13D or 13G filings report owning 5% or more of D-MARKET Electronic Services & Trading. The largest reported stake is Joint Stock Company Kaspi.kz's, at 93.51%. 14 filings are on record since July 30, 2025 (Schedule 13D/A, September 15, 2026).
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Key facts
- · Reporting person: Joint Stock Company Kaspi.kz · Sole voting: 400,841,947 · Shared voting: 0 · Sole dispositive: 400,841,947 · Shared dispositive: 0 · SCHEDULE 13D/A, 2026-09-15
- · Holder: Joint Stock Company Kaspi.kz · Percent: 88.95% · SCHEDULE 13D/A
- · Reporting person: VR Advisory Services Ltd · Sole voting: 18,410,004 · Shared voting: 0 · Sole dispositive: 18,410,004 · Shared dispositive: 0 · SCHEDULE 13G, 2026-06-18
- · Holder: Joint Stock Company Kaspi.kz · Percent: 86.74% · SCHEDULE 13D/A
- · Holder: Joint Stock Company Kaspi.kz · Percent: 85.66% · SCHEDULE 13D/A
D-MARKET Electronic Services & Trading has 14 Schedule 13D or 13G filings on record since 2025-07-30. 3 holders' latest filing reports 5% or more of ordinary shares, nominal value try 0.20 per share. Each figure below is the holder's own, as filed, with the filing linked.
Holders
| Holder | Percent | Shares | Latest | Event date |
|---|---|---|---|---|
| Joint Stock Company Kaspi.kz | 93.51% | 400,841,947 | SCHEDULE 13D/A, 2026-09-15 | 2026-09-14 |
| VR Advisory Services Ltd | 5.2% | 18,410,004 | SCHEDULE 13G, 2026-06-18 | 2026-06-17 |
| VR Global Partners, L.P. | 5% | 16,168,013 | SCHEDULE 13G, 2025-12-02 | 2025-12-01 |
| Turkcommerce B.V. | 0% | 0 | SCHEDULE 13G/A, 2026-02-25 | 2025-12-31 |
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More on D-MARKET Electronic Services & Trading and the records around it.
D-MARKET Electronic Services & Trading elsewhere on the record
Companies that share a holder
- VR Advisory Services Ltd also filed stake reports on 2 other companies: Azul S.A. (Aug 2026), ProPetro Holding Corp. (Jul 2026)
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What the Full Report on D-MARKET Electronic Services & Trading covers
The Short Answer
Which Company This Is
What They Do, And How The Money Works
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Who Pays Them, And Who They Are Up Against
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Voting and dispositive power, as filed
| Reporting person | Sole voting | Shared voting | Sole dispositive | Shared dispositive | Filing |
|---|---|---|---|---|---|
| Joint Stock Company Kaspi.kz | 400,841,947 | 0 | 400,841,947 | 0 | SCHEDULE 13D/A, 2026-09-15 |
| VR Advisory Services Ltd | 18,410,004 | 0 | 18,410,004 | 0 | SCHEDULE 13G, 2026-06-18 |
| VR Global Partners, L.P. | 18,410,004 | 0 | 18,410,004 | 0 | SCHEDULE 13G, 2026-06-18 |
| Vr Capital Participation Ltd. | 18,410,004 | 0 | 18,410,004 | 0 | SCHEDULE 13G, 2026-06-18 |
| Vr Capital Group Ltd. | 18,410,004 | 0 | 18,410,004 | 0 | SCHEDULE 13G, 2026-06-18 |
| Vr Capital Holdings Ltd. | 18,410,004 | 0 | 18,410,004 | 0 | SCHEDULE 13G, 2026-06-18 |
| Richard Deitz | 18,410,004 | 0 | 18,410,004 | 0 | SCHEDULE 13G, 2026-06-18 |
The latest filing identifies D-MARKET Electronic Services & Trading by CUSIP 23292B104 and gives its principal executive office as KUSTEPE MAHALLESI MECIDIYEKOY YOLU, Caddesi NO: 12 TRUMP TOWERS KULE 2 K2, Sisli Istanbul (SCHEDULE 13D/A, 2026-09-15).
What the percentages are based on
As of the date hereof, each of the Fund, VR, VRCP, VRCG, VRCH and Mr.VR Advisory Services Ltd, SCHEDULE 13G, 2026-06-18
Source of funds (Item 3)
The disclosure in Item 3 of the Schedule 13D, as amended, is hereby supplemented by adding the following: On September 14, 2026, the Reporting Person acquired from VR Global Partners, L.P. 19,547,401 ADSs representing 19,547,401 Ordinary Shares of the Issuer at a purchase price of USD 2.95 per ADS, for an aggregate purchase price of USD 57,664,832.95, pursuant to the VR Purchase Agreement entered into on September 10, 2026. The source of funding for the acquisition was the working capital of the Reporting Person.Joint Stock Company Kaspi.kz, SCHEDULE 13D/A, 2026-09-15
Purpose of Transaction (Item 4)
Joint Stock Company Kaspi.kz
The disclosure in Item 4 of the Schedule 13D, as amended, is hereby supplemented by adding the following: The information set forth in Item 3 of this Amendment No. 10 is incorporated by reference into this Item 4.Item 4 of the SCHEDULE 13D/A filed 2026-09-15
Timeline
| Filed | Holder | Percent | Filing |
|---|---|---|---|
| 2025-07-30 | Joint Stock Company Kaspi.kz | 66.35% | SCHEDULE 13D/A |
| 2025-11-13 | Joint Stock Company Kaspi.kz | 66.35% | SCHEDULE 13D/A |
| 2025-11-18 | Joint Stock Company Kaspi.kz | 69.46% | SCHEDULE 13D/A |
| 2025-12-02 | VR Global Partners, L.P. | 5% | SCHEDULE 13G |
| 2025-12-05 | Joint Stock Company Kaspi.kz | 72.57% | SCHEDULE 13D/A |
| 2025-12-29 | Joint Stock Company Kaspi.kz | 75.96% | SCHEDULE 13D/A |
| 2026-01-07 | Joint Stock Company Kaspi.kz | 85.17% | SCHEDULE 13D/A |
| 2026-02-17 | VR Advisory Services Ltd | 4.6% | SCHEDULE 13G |
| 2026-02-25 | Turkcommerce B.V. | 0% | SCHEDULE 13G/A |
| 2026-03-18 | Joint Stock Company Kaspi.kz | 85.66% | SCHEDULE 13D/A |
| 2026-06-10 | Joint Stock Company Kaspi.kz | 86.74% | SCHEDULE 13D/A |
| 2026-06-18 | VR Advisory Services Ltd | 5.2% | SCHEDULE 13G |
| 2026-09-10 | Joint Stock Company Kaspi.kz | 88.95% | SCHEDULE 13D/A |
| 2026-09-15 | Joint Stock Company Kaspi.kz | 93.51% | SCHEDULE 13D/A |
Questions about who owns D-MARKET Electronic Services & Trading
Who owns D-MARKET Electronic Services & Trading?
On this page, 3 holders' latest ownership filings report 5% or more of D-MARKET Electronic Services & Trading: Joint Stock Company Kaspi.kz (93.51%, Schedule 13D/A, filed 2026-09-15), VR Advisory Services Ltd (5.2%, Schedule 13G, filed 2026-06-18) and VR Global Partners, L.P. (5%, Schedule 13G, filed 2025-12-02).
Who are the largest shareholders of D-MARKET Electronic Services & Trading?
By the share each holder's latest filing reports, the largest holders of D-MARKET Electronic Services & Trading on this page are Joint Stock Company Kaspi.kz (93.51%), VR Advisory Services Ltd (5.2%) and VR Global Partners, L.P. (5%).
When did Joint Stock Company Kaspi.kz buy into D-MARKET Electronic Services & Trading?
The filings give report dates, not purchase dates. The earliest filing from Joint Stock Company Kaspi.kz on this page is the Schedule 13D/A, filed 2025-07-30, reporting 66.35%; its latest, Schedule 13D/A filed 2026-09-15, reports 93.51%. That earliest filing is itself an amendment, which updates an earlier report.
Is this an audit or a full list?
Neither. The ownership list on this page covers only Schedule 13D and 13G filings, which holders make once they own 5% or more of a class of shares (an amendment can report a stake that has since fallen below 5%); 14 such filings are shown here. It is not an audit and not a full cap table: holders who never reached 5% are not listed, and a stake can change after its latest filing.
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Where this comes from
Anyone who comes to own more than 5% of a class of a listed company's voting shares has to tell the SEC. A holder who may seek to change or influence the company files Schedule 13D, and has to say in Item 4, "Purpose of Transaction", what it intends to do. A holder with no such intent, such as many index and passive funds, may file the shorter Schedule 13G. Both are amended when the stake changes, including when it falls below 5%.
Every row here is one of those filings, linked to the filing itself. Percentages and share counts are exactly as the holder filed them, for the holder the filing names; an amendment showing a lower figure is shown as filed. Item 4 text is quoted word for word. Where a 13D's Item 4 contains a sentence stating a definite intent to influence the company, that sentence is marked and quoted; the page does not describe the holder or its motives beyond the words it filed. Nothing here is investment advice.