Foodout, the No 1 online food delivery firm in Lithuania and Latvia, said on Wednesday it has expanded into Iran, trying to tap the massive market through a joint venture with Iranian e-commerce firm Netbarg.
“The online food delivery in Iran has huge potential, and Netbarg is clearly the e-commerce leader,” Tomas Martunas, Foodout’s Chairman, said in a statement.
“As we look to expand into new geographies and grow Foodout, finding the right partner and tapping into local expertise and knowledge is absolutely critical to ensure success. Netbarg and its team have built a leading brand with loyal customers, and we’re delighted to be partnering with them,” Martunas said.
Iran, where sanctions have started to ease, attracts with 50 million internet users (growing 20 percent each year), $77 billion foodservice industry, and takeout and delivery market (larger than $450 million, surging).
“Since launching, online ordering and food delivery is catching on at a pace we’ve never imagined prior to launch. This partnership will benefit thousands of restaurant owners and hungry internet users across Iran,” said Pedram Assadi, CEO of the joint venture.
Foodout, backed by Goldfish Fund, is currently raising A round to finance further expansion to the new markets.