Online gold published its flows, not its holdings

Two grocery platforms set out their networks: Okala reports 275 cities, and SnappMarket signs neighbourhood supermarkets as agents. Asiatech’s monthly revenue ran ahead of last year’s pace, and Milli published its trade counts, though still not its holdings.

The week in numbers

More than 26 million, the users Okala reports for the year to March 2026. 766,000 gold sale trades on Milli from 11 September to 5 October, against 627,000 purchases. More than 35 percent, the rise in Asiatech’s monthly revenue on the same month a year earlier, in toman.

This week’s signals

Market · e-commerce. Okala reports more than 26 million users and a presence in 275 cities for the year to March 2026. The online supermarket platform’s annual report for the year to 20 March 2026 says its users passed 26 million, its seller network grew to 4,747 sellers and the cities where it operates reached 275. It says revenue grew 85 percent and profit 141 percent in the year. The item on our record gives growth rates only, with no revenue or profit amount, and the report itself was not read at source. Company figures. Why it matters: Okala’s previous annual report, on our record, gave more than 22 million users in 248 cities, so on the company’s own counts the new report adds about 4 million users and 27 cities. TI record 5 Oct 2026 · Signal record.

Market · e-commerce. SnappMarket widens a programme granting agency status to small and medium supermarkets, after a 30-store first phase. The online grocery platform says it is expanding, after a pilot, a programme that grants agency status to small and medium stores. In the first phase, 30 local stores joined its agency network. Member stores keep their own ownership and management, and receive financial support aimed at their cash flow, access to its supply network, technology tools and operating infrastructure. The text on our record states no target store count, no commercial terms and no list of cities. Company announcement. Why it matters: Snapp’s annual report, on our record, lists 4,447 active SnappMarket partner stores for the year to March 2026, so the 30 agency stores of the first phase equal under 1 percent of that store count. TI record 3 Oct 2026 · Signal record.

Market · telecom. Asiatech reports nearly 461 billion toman of revenue for the month to 22 September, up more than 35 percent on a year earlier. The listed internet and IT services provider’s revenue for the month from 23 August to 22 September 2026 was 460.97 billion toman, up 5.3 percent on the previous month’s roughly 437.5 billion, and more than 35 percent above the 340.3 billion of the same month in 2025. Revenue from IT services was more than 228 billion toman in the month. Monthly company figure; growth is nominal, in toman. Why it matters: Asiatech’s audited operating revenue for the year to March 2026, on our record, was 3,776 billion toman, about 315 billion a month, so this month ran about 46 percent above last year’s monthly average in nominal terms. TI record 4 Oct 2026 · Signal record.

Market · media. Aparat invites creators to repost their short vertical videos, and says it paid them more than 283 billion toman in the year to March 2026. The video platform says creators can now publish on Aparat Shorts the short vertical videos they made earlier for Instagram, YouTube or other platforms, without producing new content for it. It also says it paid more than 283 billion toman to content creators in the year to 20 March 2026. The statement gives no creator count, no view figures and no breakdown of those payments. Company statement on its creators page. Why it matters: limited read-through beyond the company itself. TI record 4 Oct 2026 · Signal record.

Market · fintech. Milli puts its trade counts and settlements on a public page after last month’s payout delays. The online gold platform has launched a page on its website, which it calls “From word to deed”, publishing details of its trades and of the settlement of withdrawal requests. It says users made 627,000 gold purchase trades and 766,000 gold sale trades between 11 September and 5 October 2026, and that 83,000 new users joined in that period. A settled total of 6,900 billion toman is reported alongside, with no period stated in the item on our record. Company figures; no audit is stated. Why it matters: Milli’s statement of 26 September, on our record, gave 965 kilograms of gold held and more than 7,000 billion toman settled over 30 days, and the new page adds trade counts but no holdings figure. TI record 6 Oct 2026 · Signal record.

From the registry: additions and evidence updates

No record added this week. Every company named in this edition already held a public record. Evidence drawn from the record: Okala’s previous annual report (users and cities), SnappMarket’s active partner stores from Snapp’s annual report, Asiatech’s audited revenue for the year to March 2026, Milli’s statement of 26 September, and Daric’s custody statement, each with its passage on file.

Analysis: Online gold published its flows, not its holdings

Last week this briefing held one question: whether connection to the central bank’s Nazer monitoring system would be followed by any published holdings figure. A week on, two gold platforms on our registry disclosed something new, and neither disclosure was a holdings figure.

Milli published trade counts, new users and a settlement total on a page of its own (signal 5). Daric said it had connected to Nazer after completing the system’s technical and supervisory requirements, so that its trades are registered and monitored within the central bank’s supervisory mechanism (TI record 6 October). The announcement describes a connection; it claims no licence or approval, and it says nothing about holdings.

Both disclosures measure flows. Milli’s page counts 766,000 sale trades against 627,000 purchase trades over 25 days, about 22 percent more sales by count. A count of trades is not a weight of gold, and the page, as relayed, gives no average trade size, so the net direction in grams cannot be read from it. What the record can say is narrower: in a period that included Milli’s delayed settlements and their resumption on 1 October, its users made more sale trades than purchase trades, and 83,000 new users joined.

The stock side has not moved. Milli’s 965 kilograms remains a company statement of 26 September. Daric’s statement of 29 September, that its physical gold exceeds what its users have bought, carries no figure. No public evidence identified of a reconciled holdings figure from any gold platform on our registry. Two more, Talasea and Walgold, were reported due to connect to Nazer from 7 October; our published record holds no confirmation yet that they did.

Our hypothesis from last week, still labelled as one: the weak point in online gold sits in custody, not in the app. This week’s disclosures do not test it, because trade counts and a monitoring connection describe what moves through a platform, not what sits in the vault. They do sharpen the question. As Daric describes it, Nazer registers and monitors trades; no public evidence identified that it also reconciles them against metal held. The desk keeps last week’s question and adds one: whether Nazer’s scope covers holdings at all.

What to watch: whether Talasea and Walgold’s Nazer connection is confirmed; whether any gold platform publishes holdings; the period behind Milli’s 6,900 billion toman; and how far SnappMarket’s agency network grows beyond 30 stores.

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 dollar conversion. Its toman figures for September and early October 2026 fall within the last 90 days and are not converted; the annual figures for the year to March 2026 are given in toman as published.