Iranian Ride-Hailing Firm Taps Local Investors

Iran’s ride-hailing firm TAP30 has signed a $7.3 million investment agreement with two subsidiaries of Bank Saman. 
In return for a stake in the online taxi company, Saman Electronic Payment (SEP) and Saman Investment Development Company will invest jointly in the taxi company. 
SEP is listed on the Tehran Stock Exchange and the agreement was reported on the Comprehensive Database of All Listed Companies (Codal.ir). The TSE said the agreement and its financial details will be reported on its website.
Iranian online firms rely on foreign investors like South Africa’s MTN and Germany’s Rocket Internet for expansion. As US hostility and economic sanctions force foreign investors to steer clear of the Iranian market, local companies in droves are turning to domestic partners.