Why we partnered with EasyCep

EasyCep is doing what few companies manage: leading a market while reinventing how it works. That’s why we led a $45 million growth equity round into the company and are actively supporting its business model transformation through a new Advisory Board and hands-on engagement with the management.

The company operates a vertically integrated platform for refurbished electronics, primarily smartphones. EasyCep sources devices through an expanding network of dealers and partners, processes them in licensed refurbishment centres across Türkiye, and distributes them via proprietary and third-party channels. Its "Express model" facilitates dealer inventory financing, which contributes to reduced capital requirements and improved unit economics.

EasyCep is led by Founder and CEO Mehmet Akif Özdemir. His background includes direct engagement with the second-hand phone market, which informs the company’s approach to addressing market inefficiencies.

Türkiye’s refurbished electronics market is undergoing rapid formalisation, driven by regulatory reforms, evolving consumer preferences, and increased demand for affordable alternatives. EasyCep currently holds a central position in this transition. The company is also extending its operations internationally, developing a cross-border supply chain designed to connect high-supply markets with high-demand regions across the Middle East, North Africa (MENA), and Asia. Our investment is intended to support the expansion of its domestic dealer network, the development of new product lines, and the strengthening of its international operations.

Market Opportunity

The refurbished electronics market, once considered a niche, has transitioned into a mainstream segment of tech consumption. This shift is primarily attributable to rising affordability pressures, increasing environmental consciousness, and the enhanced reliability of modern devices. Positioned at the confluence of Europe, Asia, and MENA, EasyCep is situated to emerge as a key regional participant in this market evolution.

Domestically, the market fundamentals are robust. Türkiye exhibits high smartphone penetration within its region. Concurrently, the cost of new devices has escalated due to currency volatility and import duties. This has led to heightened consumer price sensitivity, even as brand recognition remains a factor.

Structural shifts further underpin the market. Recent regulatory changes—including a 1% VAT rate on refurbished devices, eligibility for 12-month instalment plans, and mandatory certification for refurbishment providers—have contributed to the formalisation and professionalisation of EasyCep's operating environment. Concurrently, government measures targeting informal sellers and increased IMEI registration fees have redirected market activity toward licensed operators. These developments have fostered a regulated and expanding refurbished market, projected to achieve a Compound Annual Growth Rate (CAGR) of 47% until 2030.

EasyCep holds a significant position within this evolving landscape, creating and leading this market. The overall second-hand phone market in Türkiye accounts for over 5 million units annually. Refurbished phones, which currently represent approximately 5% of this volume, are expected to absorb a substantial portion of the grey market. EasyCep is positioned to capitalise on this transition, supported by its operational discipline and regulatory compliance.

Internationally, the market presents a notable asymmetry. The refurbished electronics market across Türkiye and its target region—including Saudi Arabia, Qatar, Azerbaijan, Pakistan, and the broader Turkic states—is currently valued at $31 billion, with projections to reach $35 billion by 2030. However, supply and demand are unevenly distributed. Gulf Cooperation Council (GCC) countries, characterised by high GDP per capita and short device replacement cycles, exhibit an abundance of lightly used smartphones, while local demand for refurbished devices remains comparatively low. Conversely, markets such as Pakistan are characterised by high demand and limited supply.

EasyCep is developing a logistical framework to bridge these market disparities. Through partnerships with telecommunication operators in the Gulf, the company aims to acquire used devices and distribute them in high-demand markets. Refurbishment processes will be centralised in Türkiye, enabling consistent quality control and efficient logistics. This model—sourcing in the Gulf, centralising refurbishment, and distributing in emerging South Asian markets—is designed for capital efficiency and presents inherent barriers to replication.

The current market is dynamic rather than saturated; leadership positions are actively being established. We believe EasyCep is well-positioned to be a primary beneficiary of these trends.

Market Position and Operational Evolution

While many new ventures enter existing markets, a select few actively contribute to their formation. EasyCep exemplifies the latter category. Upon its inception, Türkiye's refurbished electronics sector was largely informal and fragmented. Today, EasyCep is a recognised leader within this segment, significantly contributing to the category's public recognition.

EasyCep has demonstrated rapid scaling, establishing a nationwide presence of branded stores and dealer partnerships, enhancing brand awareness, and securing agreements with telcos, marketplaces, and original equipment manufacturers (OEMs). This initial strategic emphasis on end-to-end control of device sourcing, refurbishment, and sales helped establish its reputation in the refurbished sector.

The company's operational evolution has further strengthened its position. In response to macroeconomic pressures in 2023, EasyCep initiated a re-evaluation of its business model rather than merely implementing cost reductions. This involved transitioning to a dealer-financed, capital-light structure, supported by an embedded credit model from institutional partner Fibabanka. This "Express model" facilitated accelerated growth with reduced capital intensity, rapidly becoming the primary driver of sourcing and sales volumes.

This transition did not impede the company’s growth trajectory; rather, it contributed to the operational sustainability of the enterprise. EasyCep is projected to achieve significant year-on-year growth and reinforce its market dominance. Importantly, this growth is aligned with a strategic emphasis on profitability; the company achieved EBITDA-positive status in late 2024 and has sustained its margins through 2025.

Operationally, EasyCep now possesses a notable degree of local agility. Its network of 25 certified refurbishment centres across Türkiye facilitates device repairs proximate to the point of sale, thereby reducing turnaround times, mitigating logistics costs, and enhancing inventory velocity. This decentralised network offers nationwide coverage and operational speed, yielding compounded advantages with increased scale, contrasting with competitors reliant on centralised operations.

Team

At Oleka, our experience in building and scaling companies has underscored that a startup’s long-term value is significantly influenced by the character of its founding team. While strategies and market conditions evolve, organisational culture, once established, often proves enduring. Consequently, our assessment extends beyond a founder’s stated objectives to encompass their approach to execution.

Mehmet Akif Özdemir, EasyCep’s Founder, exemplifies certain qualities we seek in a founder. He demonstrates a hands-on approach without resorting to micromanagement, a commitment to the enterprise that balances personal ambition with collective goals, and an experimental mindset tempered by pragmatic execution. The investment rationale was not solely predicated on the business model, but also on its foundational narrative. Prior to launching the platform at scale, Akif and the founding team gained direct market insight by operating a second-hand phone shop in Istanbul. This experience involved direct engagement with customers, refinement of buyback processes, and firsthand understanding of pricing dynamics, enabling a comprehensive understanding of the market’s intricacies and potential for improvement. EasyCep emerged not merely from theoretical market analysis.

This origin story resonated with us. More importantly, it reflects in the company's operational philosophy. Managing EasyCep’s growing network of buyers and sellers is a core function, one that has presented its share of complexities. Akif demonstrates a profound understanding of these requirements and assumes direct responsibility for their ongoing refinement and successful implementation.

Road Ahead: Profitable at Home, Accelerating Abroad

EasyCep operates within a favourable market and employs a validated business model, with a clear strategic trajectory. Our investment is intended to catalyse its next phase of expansion as its market presence and operational scope continue to grow.

Domestically, the strategic emphasis is on deepening the dealer-financed Express model. Concurrently, EasyCep is diversifying its product offerings. The company has introduced new smartphone sales—primarily facilitated through trade-in programmes—to increase the volume of devices entering the refurbishment cycle. Accessories are also being incorporated via consignment partnerships, which aims to increase average order value without increasing working capital requirements. These initiatives are designed to broaden EasyCep’s value proposition to consumers while reinforcing its core business.

Internationally, EasyCep is executing a strategic arbitrage: acquiring devices in high-income Gulf countries where supply is plentiful but resale demand is limited, and distributing them in rapidly expanding, underserved markets. The company has initiated partnerships in the Gulf region and is finalising its market entry into Pakistan. This model is characterised by its lean structure, exportability, and inherent scalability.

Our capital will support the acceleration of existing initiatives: broader domestic market penetration, expanded product lines, and regional market leadership driven by a cross-border operational framework that presents significant replication challenges for competitors.