MCI acquired 40% of Digikala Group’s shares

MCI acquired 40% of Digikala’s shares, which include shares owned by Sarava and some other shareholders. The total valuation of Digikala is estimated at 500 million dollars.

According to Iran digital economy annotation, in a statement released by Digikala Group: ‘Hamrah Aval’s’ venture capital arm, ‘Hamrah Aval Accelerator,’ has acquired 40% of Digikala Group’s shares through a cash purchase of some shares, including those owned by ‘Sarava Pars Investment Company’ and some shares held by other shareholders. The agreed valuation for Digikala Group in this investment is 500 million dollars.

The news of MCI’s purchase of Digikala Group shares first surfaced in Farvardin of this year [March-April 2024], but since then, the managers of MCI and Digikala have remained silent on the matter.

According to the statement: ‘Digikala’s founders, Hamid and Saeed Mohammadi, will retain 22% of the company’s shares and two of the five board members. Through this agreement, the founders and the leadership team of Digikala will continue to handle the company’s executive management, business strategy development, and the selection of senior managers. Following this agreement, no single shareholder will have sole control of the company.’

After 12 years since its initial venture capital investment in Digikala, ‘Sarava Pars Investment Company’ is exiting the company’s shareholder structure.

The statement mentioned that ‘Hamrah Aval Accelerator’ was not the only company with whom Digikala Group negotiated for new capital. After negotiations with multiple investors, they finally reached an agreement with Hamrah Aval’s venture capital arm.

According to the statement, these negotiations began in Bahman 1402 [January-February 2024] and represent the largest investment in the history of the country’s digital economy. This investment follows several other investments by ‘Hamrah Aval Accelerator’ (MCI’s venture capital fund) in Iranian technology companies and startups, such as Fly Today, Achar Group, Miyare, Hamrah Mechanic, Jajiga, and others. The goal of the new collaboration between MCI and Digikala is to synergize existing capacities and infrastructures to develop the country’s digital economy ecosystem.