MTN Invests in Iran’s Uber Amid Effort to Repatriate ProfitBy and
South African phone company puts $22 million into Snapp.ir
Move comes as MTN prepares to move $1 billion out of Iran
MTN Group Ltd., the South African wireless carrier with $1 billion stuck in Iran, agreed to make an investment of 20 million euros ($22 million) that will support Snapp.ir, the Islamic Republic’s first cab-hailing smartphone application.
The funds “will allow us to quickly expand to other cities” than Tehran, Snapp Chief Executive Officer Shahram Shahkar said by e-mail on Tuesday. Johannesburg-based MTN will transfer the cash to the app’s owner, Iran Internet Group, which operates and invests in startup and e-commerce companies.