MCI Invests $1.9 million in 2 Startups: Ubaar, Achareh

Mobile Telecommunication Company of Iran (MCI) has invested 200 billion rials ($1.9 million) in cargo transportation startup Ubaar and Achareh that offer repair and home services in return for a 21% share in the two firms. 
The two startups are backed by technology firm 'Sanagostar', offering on-demand services in various fields from cargo transportat to automotive services. The two have already gained traction with Iranian users.
According to MCI board member Abbas Khani, the mobile operator picked the two startups for investment after a year-long study of their platforms and business models.
Khani adds, “With MCI support the two startups will be able to expand their teams and grab a bigger share of the respective markets.” MCI expects the two startups to grow significantly in the coming years, he added.
“In case the two startups produce the desired results, MCI will increase its investmetn. Another 70 billion rials [$690,000] will be given to Sanagostar when its Key Performance Indicator [KPI] reaches the target set by MCI.”