JOHANNESBURG: South Africa's MTN has increased its
investment in an Iranian e-commerce business, it said on Monday, without
disclosing the size of the transaction.
MTN, Africa's 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 U.S. sanctions.
MTN said its Iranian unit Irancell led a funding round for the Iran
Internet Group (IIG) to accelerate the e-commerce group's growth.
IIG runs Snapp.ir, a car-hailing platform which MTN last year backed
with a US$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
group's business model and management team”, MTN Chief Digital Officer
Herman Singh said.
MTN, which set aside about US$700 million in capital expenditure,
part of it to revamp Iran's network infrastructure, has said it is
growing its extending its reach into the nation's e-commerce rapidly
particularly in retail and travel sectors.
(Reporting by TJ Strydom)
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