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Weekly Lists
September 7, 2018 www.intellinews.com I Page 26
bne:TMT
Swedish fund VNV invests $4mn in Busfor electronic ticketing service to tap CEE’s $9bn bus ticket market
“Iran’s Amazon” lays off staff as Trump sanctions hit business
Vostok New Ventures (VNV), a major Swedish investment firm operat- ing internationally, invested $4mn in the Eastern European online bus ticketing platform Busfor. The transaction, which has been disclosed in the firm’s most recent financial report, took place at the end of the second quarter of this year, reports East-West Digital News.
Busfor — previously known as Gillbus — aims to change what has been mostly a grey and offline market so far. Launched in Ukraine in 2010, the company is now headquartered in Poland. It operates in Belarus, Georgia, Poland, Russia, Ukraine, Thailand and several countries of the EU, according to its website.
The bus transportation market in Eastern Europe and the former Soviet Union amounts to some $9bn, with online ticket sales ac- counting for just 2%-5% this year.
Digikala, “Iran’s Amazon” in the making, is feeling the effects of the downturn that has struck the Iranian economy. The company is laying off 175 of its 2,400-plus-strong staff, ITIRAN reported on September 4.
Co-founded and run by the Mohammadi twin brothers, Digikala has doubled down on e-commerce in the country of 80mn in recent years. It is by far Iran’s largest online retailer of electronic and clothing goods.
Hamid and Said Mohammadi — believed by analysts to have per- sonal fortunes of more than $100mn each — said in a letter ad- dressed to staff that the firm faced havoc generated by the devalu- ation of the Iranian rial, the falling purchasing power of Iranians, supply chain problems, the drying up of imports, instability in planning and US sanctions.
Armenia’s Standing Parliamentary Committee on Economic Affairs has approved a draft law on creating a free economic zone (FEZ), News.am reported on September 5.
Armenian Minister of Economic Development and Investments Artsvik Minasyan initiated the bill which is to create the country‘s fourth FEZ, in Hrazdan, Kotayk Province, 45 kilometres from the capital Yerevan.
Hrazdan FEZ will have a centre for mining data and a technological cluster under FEZ organiser ECOS.
Armenian MPs
approve draft law for technology FEZ devoted to blockchain-based projects