Prices outran sales, and the lender outran both

Digikala Group published its year this week. Against the company’s own earlier figures, it shows customers buying fewer items at higher prices and borrowing more to do it, while the group’s lender reports growth rates that do not add up. Elsewhere, Hezardastan’s venture fund opens and Nobitex drops seven share tokens on an unnamed directive.

The week in numbers

195 percent, the growth in credit Digipay made available in the year to 20 March 2026. 426,865 active Digikala sellers at that year’s end, against 466,169 a year earlier. 56 percent growth in the value of goods Digikala sold, against 74 percent growth in their average price.

This week’s signals

Company · fintech. Digipay says the credit it made available grew 195 percent in a year. Digikala Group’s payments and credit arm puts growth for the year to 20 March 2026 at 195 percent, counting credit it allocated and bank loans arranged through it. The same report prints 171 percent for allocated credit and 48 percent for bank loans. Our arithmetic: a total cannot outgrow both its parts, so one figure rests on a basis the report does not state. Users in good standing are put at 98 percent, a share of users, not of value. No toman volume accompanies any rate. Company-reported, unaudited. Why it matters: our record carries Digipay’s loan-book quality as not disclosed, and the 98 percent is the first figure against that field, though it counts borrowers, not money owed. TI record 21 Sep 2026 · Signal record.

Funding · classifieds. Hezardastan’s corporate venture fund has begun operating, more than a year after its licence. The fund, described as the investment arm of the Divar and Hezardastan ecosystem, has begun formal activity, with investment in innovative businesses on its agenda. Its licence was issued in spring 2025. No public evidence identified of its size, ticket limit or target sectors. Hezardastan joins the registry this week at reported tier; the Divar record already names it as parent, on an Official Gazette board entry. Why it matters: Divar’s record shows no formal company reporting since the year to March 2022, so this fund deploys capital from a group whose own accounts are not on file. TI record 20 Sep 2026 · Signal record.

Regulation · crypto. Nobitex is removing seven tokens based on US technology shares, citing a regulatory directive. The crypto exchange says a directive from supervisory bodies on share-based instruments obliges it to stop services for seven such tokens, among them Apple, NVIDIA and Tesla. Under its notice, leveraged SpaceX-token positions were set to close on 23 September and all seven markets close on 26 September. Remaining balances convert to rial at Nobitex’s own price. The exchange says the decision was not its own, and names neither the directive nor its issuer. Why it matters: our record logged a new 13-member working group for Iran’s crypto exchange market in the same week, and with no issuer named, which body now sets exchanges’ product rules is not on the record. TI record 18 Sep 2026 · Signal record.

Company · e-commerce. Digikala’s chief executive says an in-house engine reprices several hundred thousand products in real time. Speaking at the IRAN AI 2026 event, the chief executive said Digikala built an engine that monitors prices and updates, in real time, those of several hundred thousand products it buys and sells itself, work people could not do at that scale, with staff overseeing it. He said the company is redesigning its organisation so that AI agents become part of it. No timetable, cost or headcount effect was given. An executive statement, not a disclosure of results. Why it matters: our record carries Digikala’s published 10,510 employees for the year to March 2025 and its new report prints 9,700 full-time staff a year later, so the redesign starts from a smaller workforce, though the captions may differ in scope. TI record 21 Sep 2026 · Signal record.

Market · fintech. AzkiVam says 45 to 55 percent of its loans are secured, as it lends into gold. The lendtech’s head of business says it works with about six gold platforms and that 45 to 55 percent of the loans it pays out are secured and collateral-backed. In its gold model the buyer owns the gold from purchase, but it stays pledged until the instalments are paid. The range is tied to no period, loan count or value. He presents gold as an extension of lending, not a change of mission. Executive interview, unaudited. Why it matters: our record carries AzkiVam’s credit-portfolio size as not disclosed, so the secured share describes the make-up of a book whose size is not on file. TI record 20 Sep 2026 · Signal record.

From the registry: additions and evidence updates

Added. Hezardastan, reported tier, for signal 2, legal name from the Official Gazette entry on Divar’s record; national ID, capital and board blank until read at source. In review: fifteen figures from Digikala’s annual report, each with passage and page, one held on an ambiguous unit.

Analysis: Digikala’s year on its own numbers, prices outran sales, and the lender outran both

Digikala Group’s 413-page report for the year to 20 March 2026 underlies several of this week’s signal records.

Start with the headline pair. The report prints 56 percent growth in the value of goods sold and 74 percent growth in their average price, 72 percent excluding the supermarket. Our arithmetic, not the report’s: value up 56 percent at prices up 74 percent means roughly a tenth fewer goods sold. Average prices move with the mix, so this is a magnitude, not a count. The report’s own twelve-year series agrees: items per order peaked at 5.0 in the years to March 2021 and 2022 and fell in each of the four years since, to 3.8. A sales growth figure of 91.5 percent has circulated in coverage of the report. A search of all 412 pages does not find it; this edition carries the report’s own 56.

Then supply. The report counts 426,865 active sellers at year end. The company’s previous report gave 466,169 for the year to March 2025, and its founder has spoken of roughly 550,000. The captions may define a seller differently, and a later page prints 426,862, so the direction is clearer than the size.

Then credit. The payment table puts four-instalment purchases at 18 percent, glossed as one purchase in five, beside 54 percent paid online. Inside the group, Digipay reports credit made available up 195 percent, now used on other platforms too. This week Snapptrip also said about one in three domestic hotel bookings is paid in instalments.

Our hypothesis, labelled as one: instalments held up part of a basket that prices would have shrunk further. The report cannot settle it: it gives no credit volume in toman and no split of sales between credit and cash buyers. What it does settle is the shape: on the company’s own figures, customers bought fewer items at higher prices, and the group’s lender grew several times faster than the store’s sales. The desk will hold one question: whether Digipay publishes the toman volumes behind its percentages, without which its three growth rates cannot be reconciled with each other, let alone with sales.

What to watch: whether Digipay publishes toman volumes that reconcile its 195, 171 and 48 percent; whether the directive behind Nobitex’s delisting, and its issuer, are named; whether Hezardastan discloses the size of its fund; and whether Digikala reconciles its two seller counts.

Every named company is resolved to the Tehran Index registry; every published figure carries a source and evidence state, and every signal links to its record, where the source trail is exposed. Date basis: where a source publication date has not been independently verified, the date shown is the date the item entered the Tehran Index record, labelled “TI record”. FX: this edition carries no currency conversion, because no figure of 1 billion toman or more appears in it.