Snapp’s mother company, Iran Internet Group, Iran’s largest internet group, secures a fresh funding round led by MTN Irancell
The Iran Internet Group (“IIG”), the leading internet group in Iran with several million unique and paid transactions every month, just announced the closing of a funding round led by MTN Irancell. The group, whose ventures include the by far market-leading 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 leading the Iranian market, Bamilo.com, the country’s leading online marketplace, and Zoodfood.com, the market-leading 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.
About the Iran Internet Group
The Iran Internet Group is Iran’s leading 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.
About the MTN Group
The MTN Group is a leading emerging market operator, connecting subscribers in 22 countries in Africa and the Middle East. MTN is also a major shareholder in Irancell and the Iran Internet Group. As of 30 September 2016, the MTN Group recorded 234.2 million subscribers across its operations.
About MTN Irancell
MTN Irancell is the leading provider of data services in Iran, and one of Iran’s largest mobile network operators with a subscriber base of 48 million customers.
– Issued by MTN Group Corporate Affairs
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