29 Mar 2024
Tuesday 21 February 2017 - 12:57
Story Code : 252013

MTN extends push into Iranian e-commerce

Money Web- South Africas MTN has increased its investment in an Iranian e-commerce business, it said on Monday, without disclosing the size of the transaction.

MTN, Africas largest mobile phone company, told Reuters last year that it planned to expand in Iran, where it has a leading position but from which it has not been able to repatriate profits until recently due to US sanctions.

MTN said its Iranian unit Irancell led a funding round for the Iran Internet Group (IIG) to accelerate the e-commerce groups growth.

IIG runs Snapp.ir, a car-hailing platform which MTN last year backed with a $22 million investment, as well as online marketplace Bamilo.com and food-ordering service Zoodfood.com.

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 groups business model and management team, MTN chief digital officer Herman Singh said.

MTN, which set aside about $700 million in capital expenditure, part of it to revamp Irans network infrastructure, has said it is extending its reach into the nations e-commerce rapidly particularly in retail and travel sectors.
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