Tehran, Iran – February 6, 2024 – In a landmark transaction that underscores a new milestone in Iran’s technology sector, Golrang Holding, the biggest player in Iran’s FMCG and retail sector, has successfully acquired a 70% stake in Tapsi, a prominent player in Iran’s ride-hailing service market, for approximately 2.1 trillion Iranian Rials ($38 million).
The transaction, which involved the transfer of a 68.95% share in Tapsi, was facilitated through the country’s over-the-counter (OTC) market on February 4th and 5th. This followed announcements by the Securities and Exchange Organization of Iran regarding the public offering of four major blocks of Tapsi shares. Golrang’s winning bid highlights the conglomerate’s strategic move into the digital economy and reflects a growing interest in Iran’s startup landscape by major industrial players.
Tapsi, founded in 2017, is one of the two major ride-hailing services in Iran and one of the biggest tech companies in the country with over 25 million users.
Golrang Holding, renowned for its leadership in the FMCG, industrial, and retail sectors, is one of Iran’s most prestigious private conglomerates.
Milad Monshipour, founder of Tapsi, shared his vision on the acquisition: “This marks a historic day not just for Tapsi but for the entire startup ecosystem in Iran. The acquisition by one of the country’s most esteemed industrial holdings forecasts a bright and impactful future for Tapsi. It 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 mentioned as the Iranian equivalent of Careem, along with its competitor, has transformed transportation within Iran, offering services to 25 million users and facilitating hundreds of thousands of rides daily with its network of 1.5 million drivers. Founded in 2016 by a team of visionaries returning from the US and Canada, including CEO Milad Monshipour, Tapsi has emerged as a beacon of innovation and resilience amidst the challenging landscape for startups in Iran, particularly in recent years.
“Tapsi stands at the forefront of the digital economy in Iran. The company’s robust technical infrastructure, scalable artificial intelligence capabilities, and skilled workforce set the stage for significant expansion,” emphasizes Monshipour. He highlights the untapped potential across various sectors, pointing to further innovation and development opportunities.
Reflecting on the decision to sell, Monshipour noted, “After thoughtful consideration of the prevailing conditions, we decided to unify our shareholder structure to ensure Tapsi’s robust development soon. This move begins a new chapter in Tapsi’s life, aiming for comprehensive growth.”
Golrang Holding’s acquisition of Tapsi is particularly noteworthy as it represents the first full exit of shareholders, including founders, in Iran’s tech scene—a remarkable achievement in a market where tech companies and investors often face challenges with growth and exits. It also underscores Tapsi’s unique position as the youngest startup among the top five largest tech companies in Iran, having successfully IPO’d 17 months ago in a stock market traditionally dominated by sectors built upon tangible assets.
This acquisition is a milestone in the country’s startup ecosystem, showcasing nearly 90% growth in Tapsi’s valuation since its initial market entry at 1.1 trillion Rials.
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.
About Golrang Holding
Golrang Holding, renowned for its leadership in the FMCG, industrial, and retail sectors, is one of Iran’s most prestigious private conglomerates. Dedicated to excellence, innovation, and sustainability, Golrang has significantly contributed to Iran’s economic growth and industrial development. The acquisition of Tapsi marks Golrang’s strategic foray into the technology sector, reflecting its vision to foster innovation and drive the digital economy forward.