Iran’s Startup Ecosystem: (March 15-20, 2024) Weekly Highlights 

Digikala: The Decline of Iran’s Startup Golden Age

In a revealing interview, Hamid Mohammadi, co-founder of Digikala, highlighted the gradual decline of Iran’s once-thriving startup ecosystem following the US withdrawal from the JCPOA. He attributed many of the challenges to security-focused policies and a lack of understanding from regulatory bodies, warning that such restrictions have significantly weakened the ecosystem’s potential.

Divar Introduces ‘Footnote’ for Enhanced Transparency

Iran’s leading online classifieds platform, Divar, launched a new feature called ‘Footnote’. This tool enables users to comment on ads, share experiences, warn about suspicious deals, and discuss pricing trends, aiming to foster a safer and more transparent marketplace.

Blubank’s ‘1404 Dreams’ Campaign Injects 167 Billion Tomans into the Economy

Blubank’s “1404 Dreams” campaign allowed users to deposit funds and receive interest-free loans worth 10 times their balance through a lottery system. With 698,000 participants and 398,000 eligible users, the campaign resulted in 167 billion Tomans in distributed loans, significantly boosting trust in digital banking solutions.

Khanoumi Unveils Women’s Self-Care Calendar

For the first time, Khanoumi introduced a self-care calendar, designed to help women plan their personal care routines and improve lifestyle habits. This initiative aligns with the brand’s mission to promote self-care awareness among Iranian women.

Wiki Tajrobeh Blocked: A Blow to Workplace Transparency

The Wiki Tajrobeh (Wiki Experience) website, a platform for employees to share job and interview experiences, was unexpectedly blocked. The news sparked public dissatisfaction, with many voicing concerns over increasing censorship in career-related discussions.

Myket Triples Revenue, Hits 356 Billion Tomans in Six Months

Iran’s homegrown app store, Myket, reported an operating income of 356 billion Tomans and a net profit of 133 billion Tomans in just six months—a threefold increase from the previous year. Revenue streams included mobile software sales, digital advertising, e-books, and content distribution.

Komoda CEO Steps Down Amid Digikala Group Departures

Sana Khalesi, CEO of Komoda (a Digikala subsidiary), announced her resignation via LinkedIn. This follows the recent departures of several Digikala subsidiary founders, raising questions about the company’s internal dynamics.

Cinematicket Dominates Market and Moves Towards IPO

With 15 million tickets sold this year, Cinematicket now holds an 80% share of online cinema ticket sales and a 90% share in comedy theater ticketing. The company was recently accepted into the Farabourse Novaffarin market, setting the stage for a highly anticipated IPO.

Pezeshket Expands Online Medical Services for Iranians Abroad

Pezeshket, Iran’s online medical consultation platform, launched services for Iranians living abroad. The platform now offers remote consultations and international payment options, ensuring uninterrupted access to healthcare despite time zone differences.

Snapp’s Charitable Initiative Boosts Local Entrepreneurship

Snapp launched its 20th social impact initiative, ‘Empowering Facilitators and Local NGOs’, in collaboration with the Women and Youth Entrepreneurship Development Foundation in Sistan and Baluchestan. The project will continue until September 2025.

Hiweb on the Brink of Bankruptcy Due to Government Pressure

Hiweb, a key internet service provider, announced it is at risk of closure and bankruptcy due to tax pressures and government unreliability. The company has requested a delay in the reopening of its trading symbol, fearing financial collapse.

Yektanet Joins Farabourse Novaffarin with 600 Billion Tomans Revenue

Iran’s largest digital advertising platform, Yektanet, successfully listed on the Farabourse Novaffarin market. With 600 billion Tomans in revenue in just six months, Yektanet is emerging as one of the country’s most profitable digital companies.

Ghychi Blocked Without Warning, Raising Digital Censorship Concerns

Ghychi, a link-shortening and fraud detection service, was filtered without prior notice just before the Persian New Year. This unexpected move has fueled debates on the increasing regulation of online services.

Tehran E-Commerce Association Questions Divar’s Delayed Stock Listing

The Tehran E-Commerce Association raised concerns over Divar’s canceled stock exchange listing, questioning whether security agencies were involved. The sudden cancellation has intensified investor uncertainty regarding government intervention in tech company IPOs.

AI and Digital Economy: The Road Ahead

In a major technological development, Iran unveiled its first national open-source artificial intelligence platform, designed to operate independently from foreign API integrations. Hossein Afshin, Vice President for Science, emphasized that the system would remain functional even in cases of internet disconnection, eliminating potential security vulnerabilities and passive defense risks. The initiative reflects Iran’s push toward digital sovereignty, particularly as concerns over cybersecurity and geopolitical tensions continue to shape its technological policies.

On the business regulation front, the Tehran E-Commerce Association voiced concerns over obstacles facing Iran’s digital economy, particularly in light of the sudden cancellation of Divar’s planned stock exchange listing. The association raised the question of whether security agencies played a role in blocking the IPO, adding to the growing frustration among tech entrepreneurs seeking greater transparency in business regulations.

Meanwhile, Yektanet, Iran’s leading digital advertising company, successfully secured a listing on the knowledge-based board of the Farabourse Novaffarin market. With revenues surpassing 600 billion Tomans in the first half of this year and net profits reaching 47 billion Tomans, Yektanet’s inclusion in the stock market signals increasing investor interest in Iran’s tech sector despite broader economic challenges.

Final Thoughts: A Market at a Crossroads

The past week’s developments illustrate the contradictions within Iran’s startup and tech ecosystem—while some companies experience record-breaking growth and financial success, others face severe regulatory roadblocks and leadership turmoil. The rise of fintech solutions like Blubank, the expansion of digital services like Myket and Cinematicket, and Iran’s AI advancements all point to significant opportunities for innovation. However, increasing platform restrictions, IPO delays, and financial instability in key industries highlight the ongoing challenges that threaten the sector’s long-term stability.

As Iran’s digital economy continues to evolve, the balance between growth and regulation will determine whether startups can thrive or if constraints will stifle further progress.