Funding secured to accelerate MTN growth in Iran

JOHANNESBURG, (CAJ News) – IRAN’S leading internet company has announced the closing of a funding round led by MTN Irancell, an entity of the South African-based mobile network operator.
The Iran Internet Group (IIG), with several million unique and paid transactions every month, 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.
IIG announced the investment, whose value was not disclosed, was recognition of the incredible success of the group to date.
“We are proud of all we have achieved so far. In particular, we look forward to accelerating Snapp’s phenomenal 70 percent month on month growth in partnership with MTN Irancell,” IIG stated.
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.
Alireza Dezfouli, Chief Executive Officer of MTN Irancell, said, they had been continually impressed with the strength of IGG and the speed at which they had 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,” Dezfouli stated.
Herman Singh, MTN Group Chief Digital Officer, said over the past two years MTN had seen incredible growth at IIG.
“This investment by our local partner is testament to the strength of the group’s business model and management team,” said Sing.
CAJ News

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Posted by on Feb 20 2017. Filed under Africa & World, Broadband, Featured, Finance, Mobile & Telecoms, National, News, Regional, Technology. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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