Harkat Aval, the investment arm of Hamrah-e-Avval, did not become a passive investor in the past year, but rather took the pulse of Iran’s digital market with a bold move. The company’s annual report for 2024 paints a picture of a growing empire; a collection of 32 startups and 3 investment funds that have registered a value of over $53M.
According to Ideaagency, but the turning point of this brilliant career is undoubtedly the purchase of 40% of the shares of Digikala Group worth $84M. This move is not only a large investment, but also a strategic change in the map of the Iranian e-commerce market. With this purchase, Harkat Aval not only became the main shareholder of the country’s largest online store, but also paved the way for Digikala’s imminent listing on the Tehran Stock Exchange.
In addition, the injection of $2.3M of capital into the fledgling platform “Miare” demonstrates the forward-looking vision of “Harkat Aval” in identifying and nurturing new talents in the field of technology.
Meanwhile, “Harkat Aval” took a dynamic approach and withdrew from investing in some previous players such as Jajiga, Netbox, and part of Sana Gostar Sabz to focus its resources on opportunities with higher growth potential.
Another notable point in this report is that only 5% of the markets related to the “Harkat Aval” portfolio are online. This statistic depicts a sea of untapped opportunities for this company and Iran’s digital ecosystem.
At the heart of this portfolio are familiar names such as Digikala, Achareh, Flytoday, and Miare. The financial performance of this group is also stunning; sales of $1.2B in 2024 and a 10-fold increase in the average annual sales of the businesses since the entry of “Harkat Aval”. Also, $250M of cumulative income since the beginning of the investment is evidence of the significant return on these investments.
Last year, the platforms supported by Harkat Aval saw over 70 million orders, peaking in December, coinciding with the seasonal auctions. Over 97 million visits to these platforms also indicate the widespread acceptance of their services by users.
Harkat Aval’s annual report is a narrative of a large-scale digital transformation. With its investments, the company has not only significantly increased the value of its portfolio, but also played a key role in shaping the future of Iran’s digital economy.
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