Indigo Holdings plc, the Middle East focused Investment Company, has acquired a 5% stake in the Iranian car ride-sharing app, Carvanro, after investing €176,800 in its Series A fundraising round.
Carvanro is a car ride-sharing marketplace aggregator, which connects drivers and passengers embarking on the same car journeys. It provides a flexible and transparent platform for passengers, whilst at the same time providing a reliable source of payment for drivers who wish to share their journeys in order to reduce costs.
The app launched in 2016 and month-on-month figures for website traffic, registered users, and completed rides are all showing strong growth trends.
Carvanro operates a similar model to the international car ride-sharing service BlaBlaCar, which has 35 million members. Both Carvanro and Indigo are excited about the enormous potential of deploying a proven business model in the domestic Iranian market given the pre-existing strong culture of ‘car-pooling’.
Indigo believes Iran’s growing younger population demographic, frequent inter-city journeys and demands to cut high pollution levels all support Carvanro’s growth strategy.
(Source: Indigo Holdings)