Golrang Ventures invested in “Shab”, a startup active in the field of tourism and accommodation reservation, the non-cash amount of this investment was equal to three million dollars in a period of one and a half years and twenty percent of the company’s shares
According to the Iran digital economy annotation, Golrang Ventures invested in “Shab”, a startup active in the field of tourism and accommodation booking. Solmaz Sadeghnia, CEO of Golrang Ventures, explained in the press conference of this event: Golrang Ventures was established in August 2022 and as the venture investment arm of Golrang Industrial Group, it pursues several important missions.
In this regard, She said: Our mission is to develop the innovation ecosystem within the ecosystem, develop the investment space and develop the external ecosystem related to our activities. In addition, we are looking for teams to help strengthen the internal ecosystem based on our goal. Although some of our startups were born before Golrang Ventures, we are familiar with the investment conditions in the market due to our many years of presence in the market.
Golrang Ventures and Smart Capital for Shab
Mohammadreza Masoumi, investment manager of Golrang Ventures, further talked about the details of this investment and added: the amount of non-cash investment of Golrang Ventures on Shab startup is equivalent to three million dollars in a period of one and a half years and is equivalent to 20% of the shares of this company.
Masoumi also explained in the field of smart money or smart capital: a major part of the investments in Golrang Ventures is smart money, 45 thousand workers are working in Golrang industrial group, in addition to their families, that is, about 150 thousand people, who represent the market. It is significant and can be developed at night.
Masoumi also explained about the choice of Shab for investment: We were aware of the expanding tourism market inside the country, especially the issue of residences, and since the diversity of Golrang Industrial Group’s activities is high, our entry into this field was considered quite logical.
According to Masoumi, the investment strategy in Golrang Ventures is business development, and since the accommodation market is developing and progressing both offline and online, they have chosen Shab for investment due to the share of the accommodation market in the tourism market. In this regard, he said: One of the important reasons and perhaps our priority, along with the good market of residences, was the discussion of the founders’ team and the night’s human resources, which encouraged us to make this investment.
Mir taha Razavi, the CEO of Shab Startup, explained about this investment: We started our activity in the deserted tourism market in 2015 in terms of accommodation, and we were more or less familiar with Golrang Industrial Group since 2018, for example, Tara is one of our payment gateways. It is at night, but we had never really looked at them from the investor’s point of view, we also had various proposals from investors, but finally we reached an understanding with Golrang Ventures.
Razavi also said about the changes that will happen after the investment in the night: We intend to spend this capital, part of which is cash and part non-cash, in order to develop the platform and solve its challenges, but there is a plan for the development of the ticket and flight sector.
We do not have and we are still focusing on booking accommodations. In my opinion, almost 10 to 15% of the accommodation reservation market has become online and the rest is still in the hands of the traditional market, and if we want to talk about drastic changes such as online taxis and changing the playing field, we need large investments. An event that has not yet happened in the field of tourism.
Razavi also responded to the attachment regarding the monopoly in the discussion of accommodations, which was announced by some platforms, and said: monopoly may be interesting and profitable for some suppliers in the beginning, but in the end, it is to the detriment of the host and suppliers, and it is not logical at all. Maybe the hotel and flight guarantee was sometimes done, but now and with the development of the monopoly market, it is not in anyone’s interest.
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