Snapp, also known as the Uber of Iran, said its ride-hailing app is generating two million fares a day as young people in Tehran embrace technology in a market that’s off-limits for western investors.
“Snapp Tehran is now larger than any Uber city globally,” co-founder Eyad Alkassar said in a statement. “Reaching this milestone in only three years makes Snapp one of the fastest-growing internet companies in the world.”
The Middle East has been grabbing the attention of international investors in the past two years, with the largest-ever tech deal in the region struck last week as ride-hailing giant Uber Technologies Inc. agreed to buy its regional competitor Careem Networks FZ for USD 3.1 billion. The Middle East and North Africa has seen up to a 50 percent increase in funding year-on-year in startups since 2015, according to Magnitt, a regional data platform for startups.