MTN invests millions in Iran's taxi-hailing app, 'Snapp'

MTN has agreed to make a €20-million investment in support of Iran’s first taxi-hailing smartphone application, Snapp. This as the telecoms company tries to repatriate R15.4 billion from the country, following the lifting of US-led economic sanctions, and strengthen its ties with the Middle Eastern nation. According to Shahram Shahkar, Snapp founder and CEO (pictured), the money will be used by the app’s owner, Iran Internet Group, which operates and invests in start-up and e-commerce companies, to expand the company’s service offering to other cities.

The company, Iran's answer to Uber, was started two years ago and has since gained half a million subscribers, as well as a fleet of 10 000 drivers.

MTN has 22 markets across Africa and the Middle East, and is a 49% stakeholder in a joint venture with IranCell, Iran's second-largest telecommunications provider.