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MTN Invests in Iran’s Uber Amid Effort to Repatriate Profit

Updated on
  • 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.