Takhfifan

Around 30,000 merchants nationwide. In the month to 20 March 2025 monthly transactions rose 69% and offline cashback grew 90%, while gross merchandise value was flat year on year. Loan requests through Takhfifan Pay reached a record in the same year.

Approximately 30,000 merchants nationwide

Monthly transactions up 69 percent year on year and offline cashback up 90 percent, while merchandise value was flat

53.0 billion toman (530,472 million rial), after 51.4 billion toman (514,095 million rial) the year before

10.5 billion toman (104,682 million rial), after a loss of 6.4 billion toman (63,774 million rial) the year before

Assets 127.7 billion toman, liabilities 98.0 billion toman, equity 29.7 billion toman (1,276,766, 980,078 and 296,688 million rial); a year earlier 81.0, 40.8 and 40.1 billion toman

EUR 0.30M → EUR 0.62M → EUR 1.77M → EUR 1.31M → EUR 0.38M

Described by its shareholder as having evolved from Iran's first group discount platform into a combined online and offline cashback business, offering merchants customer acquisition and retention tools alongside consumer discounts. Revenue is diversifying across cashback, marketing solutions and core commercial lines.

Takhfifan and Netbarg merged in early 2020 under a single owner, Arman Fanavari Hooshmand Aria. On 20 December 2022, at its session 531, Iran's Competition Council ruled unanimously against that owner on a complaint by Parsi Mehr Nami Iranian, which trades as Takhfish. It found three anti-competitive practices under Article 45 of the Law on Implementation of the General Policies of Article 44: inducing shared commercial partners to refuse to deal with the complainant (paragraph a(2)), dealing on condition that counterparties refuse to deal with a competitor (paragraph f(3)), and abuse of a dominant position by raising barriers to entry and eliminating rivals (paragraph i(4)). It ordered the conduct stopped under Article 61, imposed the maximum fine under Article 61(12), 5.962 billion rial in three parts, ordered the decision publicised, and, treating the common ownership of the two brands as a breach of the merger prohibition in Article 47, ordered the agreement transferring Netbarg to Arman Fanavari Hooshmand Aria rescinded and the shares returned. The decision was appealable within 20 days. It was appealed, and quashed in April 2025: see the next entry.

Negin Daneshvar, a co-founder, is chief executive. She is recorded as مدیرعامل in the company registry under a filing of 8 April 2025, and was introduced as chief executive of Takhfifan on the record at a Bank Keshavarzi innovation event on 28 October 2025. She is the third holder of the post: her sister Nazanin Daneshvar co-founded the company and led it from 2011 until 2023, when she left the executive role and emigrated; Ehsan Jahani was appointed chief executive in mid-2023 and was announced as such by the company's Swedish shareholder in December 2023.

Arman Fanavari Hooshmand Aria was notified of decision 531 on 17 January 2023 and appealed on 6 February 2023. On 21 April 2025 the Competition Council's Appeal Board, in decision 184/03, quashed the ruling in full and sent the case back. Its grounds: the Council had not stated the reasons for its findings, which deprived the parties of a two-tier review; the Council's own experts had said they could not conclusively analyse whether monopoly power had been created; under Article 48 note 2 the Council must first define the threshold of severe concentration it was applying, and a merger that is the only way to keep a business alive is permitted even where it concentrates the market; and the refusal-to-deal finding was a judicial matter on which the ruling gave no explanation. The Board's decision is final. On 10 June 2025, at session 752, the Council unanimously declined to re-hear the case, holding that once the Board quashes a decision it must decide the merits itself, and returned the file to the Board. As of 2 September 2026 the Board has published no decision on the merits. The fine and the order to unwind the Netbarg transfer were therefore vacated, and the complaint is unresolved between the two bodies.

Pomegranate Investment AB, a Swedish listed investor, held 21.9 percent of Takhfifan directly at 30 April 2025, plus a 3.2 percent look-through economic interest through International Internet Investment Cooperatief, a Dutch entity in which it owns 28.72 percent, for a combined economic interest of about 25.1 percent. The direct holding was carried at a fair value of EUR 383,000 and the direct and indirect holdings together at EUR 0.4 million, against a model valuation of the whole company of 1,608 billion rial, or EUR 1.7 million at the spot rate of 922,450 rial to the euro used by the investor at that date. The direct stake was 21.3 percent at 31 October 2023 and 21.9 percent at 30 April 2024, so it has been stable across three reporting dates.

Sarava Partners, the company's long-standing venture backer, exited completely, transferring its holding to the founders

A Swedish listed investor holds an indirect look-through economic interest of 3.2% as at 30 April 2025, held through Iran Internet International Holding. The same investor reports having exited its Digikala Group position in the same structure in August 2024.

Tosee Fanavari Armani venture fund (Codal symbol فناوری جسورانه) holds 6,487,803,224 shares at a cost of 347,038,128,576 rial, carried at a revalued 364,980,426,171 rial, 35.29 percent of the fund's book