A Milestone for Iran's Startup Ecosystem: Tapsi Acquired in Landmark Stock Market Transaction

TEHRAN, IRAN / ACCESSWIRE / February 23, 2024 / In a historic development for Iran's technology sector, a major player in the country's FMCG and retail industry has acquired a 70% stake in Tapsi, a prominent ride-hailing service, for approximately 2.1 trillion Iranian Rials ($38 million).

The transaction, involving the transfer of 68.95% of Tapsi shares, was facilitated through Iran's stock market on February 4th and 5th. This transaction followed announcements by the Securities and Exchange Organization of Iran regarding the public offering of four major blocks of Tapsi shares. This acquisition marks a significant strategic move by the buyer into the digital economy and highlights the growing interest in Iran's startup scene by established players.

Founded in 2017, Tapsi is one of Iran's two leading ride-hailing services and one of the biggest tech companies in the country, boasting over 25 million users.

Tapsi's Vision for the Future

Milad Monshipour, founder of Tapsi, shared his perspective on the acquisition: "This is a historic day, not just for Tapsi but for the entire Iranian startup ecosystem. This acquisition signifies a major step towards rapid growth and is a testament to our investors' successful exit strategy through the stock market, a pioneering move in Iran's tech sector."

Tapsi, often compared to the regional ride-hailing giants in the MENA region, has transformed transportation within Iran. With its network of 1.5 million drivers, it offers services to 25 million users and facilitates hundreds of thousands of rides daily. Founded by a team of visionaries returning from the US and Canada, including CEO Milad Monshipour, Tapsi has emerged as a leading force in innovation and resilience within Iran's challenging startup landscape, particularly in recent years.

"Tapsi stands at the forefront of the digital economy in Iran," emphasises Monshipour, highlighting the company's robust technical infrastructure, advanced AI capabilities, and skilled workforce, all of which pave the way for significant expansion. He underscores the untapped potential across various sectors, hinting at further opportunities for innovation and development.

A New Chapter for Tapsi

Reflecting on the decision to sell, Monshipour noted, "After careful consideration, we decided to unify our shareholder structure to ensure Tapsi's robust development in the near future. This move marks the beginning of a new chapter for Tapsi, aiming for comprehensive growth."

This acquisition represents a remarkable achievement in Iran's tech scene, marking the first complete exit of shareholders, including founders. It also highlights Tapsi's unique position as the youngest startup among Iran's top five most prominent tech companies and the success of its IPO 17 months ago in a market traditionally dominated by established industries.

This landmark transaction showcases nearly 90% growth in Tapsi's valuation since its initial market entry, demonstrating the company's remarkable trajectory and the potential of Iran's tech ecosystem.

About Tapsi:

Founded in 2016, Tapsi (tapsi.ir) is at the forefront of transforming urban mobility in Iran through innovative ride-hailing services. Committed to leveraging technology for better and more efficient transportation solutions, Tapsi has rapidly grown to serve millions of Iranians, establishing itself as a key player in the country's digital ecosystem.

For more information, please contact:

Mr. A. Shabanian (Public Relations Officer)
Phone: +98 936 4948035
Email: Amirhosein.Shabanian@Tapsi.cab

For a more comprehensive version of this Press Release, please visit: https://blog.tapsi.ir/tapsi-acquisition-via-stock-market


View the original press release on accesswire.com

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