In return for an 8.5% stake in online taxi company TAP30, Saman Electronic Payment (SEP), affiliated to Bank Saman, has invested an undisclosed amount in the ride-hailing firm.
In a letter to SEP shareholders, the company said an agreement has been signed between SEP and TAP30.
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 the relevant financial content will be audited and reported on the website.
In an interview with news website Peivast, Milad Monshipour, TAP30 CEO, billed the agreement as “the beginning of a strategic partnership.”
The money invested by SEP in TAP30 is to be used for boosting the online taxi company’s growth rate and increasing its market share.
Monshipour further said TAP30 is planning a foray into diverse fields and launch new services, including online payment services. He did not elaborate, but observers say the introduction of an e-wallet service is on TAP30 agenda.
Over the past few years, TAP30 has reported significant growth in its user traction and revenue. However, the company still lags behind its arch-rival Snapp, which is the leading ride-hailing firm in Iran and is more popular with users and drivers.
Snapp and Tap30 respectively offer services in 68 and 15 cities. More than a million drivers work for the two companies.