Launched in 2014 as Taxi Yaab, Snapp operates only in Tehran, Iran’s capital city and employs 10,000 drivers according to a report by TechCrunch. Snapp has served half a million rides and sets prices before the trip. Riders pay in cash as Iran is largely cash-based.
This is not the first time MTN Group is investing in taxis. As a partner in Africa Internet Group which is now called Jumia, MTN had put cash into Easy Taxi, a Rocket Internet company that was closed unceremoniously in Africa so that the firm can focus its energies to LatAm where it was founded.
Snapp says it will use the cash to expand its operations to more cities in Iran, launch executive rides for the high-end market and build new features into the app.