Sarava Company has invested 900 billion rials ($2 million) in Toshe Tourism Holding, the owner of Alibaba and Jabama online travel businesses, to acquire 25% of its shares.
The investment was made following a contract signed between Majid Hosseini-Nejad, owner of Toshe, and Saeid Rahmani, director of Sarava, last week with the aim of boosting tourism industry, generating employment and creating value added through collaborations, Zoomit.ir reported.
With the new investment, the monetary value of Toshe is estimated to have reached 4 trillion rials ($96.5 million).
As part of the agreement, Zoraq travel startup, a similar business funded by Sarava, joined Toshe Holding. The purpose of the move, as declared by the companies, was to "further strengthen entrepreneurial teams, encourage joint investment and strengthen the startup ecosystem".
Sarava Company had already invested in Digikala online shopping website and owns 60% of its shares. Alibaba is an online air and train ticket booking website while another portal titled Jabama offers hotel booking services. Zoraq is a startup offering both services through a single website.
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