Iran Internet Group (IIG), which handles several million unique and paid transactions every month in Iran, has announced the closing of a funding round led by MTN Irancell. The group, whose ventures include car hailing platform Snapp, has secured the funding in a move that will further accelerate its growth across the country.
The funds will also enable the group to strengthen the market leadership of its existing businesses and to launch new businesses capitalizing on existing opportunities in Iran’s internet space.
IIG runs some of the largest internet companies of Iran. Among these are Snapp.ir, the car hailing platform in the Iranian market, Bamilo.com, an online marketplace, and Zoodfood.com, an online food ordering platform.
IIG announced: “We are very excited to welcome MTN Irancell as new investors and look forward to consolidating our position as market leader with their support and local expertise. This investment is a recognition of the incredible success of the group to date, and we are proud of all we have achieved so far. In particular, we look forward to accelerating Snapp’s phenomenal 70% month on month growth in partnership with MTN Irancell”.
Mr. Alireza Dezfouli, CEO of MTN Irancell, said: “We have been watching IIG closely since its launch, and have been continually impressed with the strength of their team and the speed at which they have grown. In a very short time, their businesses like Snapp and Zoodfood have quickly managed to establish themselves as leaders in their field. We are excited to explore synergies between our businesses and look forward to a very successful partnership”.
“Over the past two years we have seen incredible growth at IIG, and this investment by our local partner is testament to the strength of the group’s business model and management team”, said Herman Singh, MTN Group Chief Digital Officer.
The Iran Internet Group is Iran’s major ecommerce platform, with five businesses currently in operation. Since launching in 2014, the company has transformed the way that Iranian consumers shop by offering alternatives to traditional offline options. The group currently operates Snapp.ir, Bamilo.com, Zoodfood.ir, Pintapin.com and Eskano.ir.
MTN Group is a major shareholder in Irancell and the Iran Internet Group while. MTN Irancell has a subscriber base of 48 million customers.