FANAP Investing in Cloud Service Provider Arvan Cloud

EghtesadOnline: The ICT company FANAP, affiliated to Bank Pasargad, is investing 400 billion rials ($3.8 million) in local cloud computing service provider Arvan Cloud Company.

News ID: ۷۴۶۴۱۰

02 January 2019

As per an agreement signed between the two companies, FANAP will invest 200 to 400 billion rials ($1.9-3.8 million) in Arvan Cloud in two years, depending on the latter’s performance.

The agreement was signed between Arvan Director Pouya Pirhosseinlou and FANAP chief Shahab Javanmardi. FANAP's share in the cloud company has increased to 47%, local news website Peivast reported.

Pirhosseinlou said, “Initially, FANAP will invest 200 billion rials ($1.9 million) in Arvan Cloud. If the company produces the desired results, FANAP will double this amount.”

According to Financial Tribune, Arvan Cloud is said to be worth 1 trillion rials ($9.5 million).

This is not the first time FANAP is investing in the company. When Arvan Cloud was established in 2015, FANAP invested a hitherto unknown amount in the company.

Some of the services offered by Arvan include cloud computing, cloud security and cloud storage along with services related to Content Delivery Networks (CDN), live streaming, video ads, and Cloud Domain Name Systems (DNS).

Major Iranian startups including Digikala, Bamilo, Divar, Snapp Food, Snapp Trip, Alibaba, Netbarg, and Jabama have enlisted services offered by Arvan Cloud.