Myket CEO welcomes prospect of full Google Play entry to Iran

Myket’s chief executive says a full Google Play presence in Iran could benefit the Iranian Android app store if it accompanied an economic opening, following an IPO that valued Myket at about 9.82 trillion tomans.

Speaking to us on the sidelines of the offering ceremony, CEO Vahid Rahimian argued that relief from sanctions and international payment restrictions could raise the value of Iranian digital businesses. He said competition would depend on how extensively Google operated in the country.

The interview followed an offering of 45 million shares, or 9% of Myket’s total shares, on Iran Fara Bourse. The first stage attracted 147 investment funds competing for 15 million shares, with 101 funds securing allocations. More than 1.7 million individual and institutional trading accounts participated in the second stage, covering another 30 million shares.

The price was set at 19,639 tomans per share in the first stage and used again in the second. That implied a market capitalization of about 9.82 trillion tomans, roughly 49% above the 6.587 trillion toman valuation announced before the IPO. Tomans are Iran’s commonly used pricing unit.

What full Google Play entry would mean

We asked Rahimian what would happen to Myket if sanctions were lifted, international payment barriers disappeared and Google Play could operate fully in Iran.

He said that scenario would probably be good for the broader economy, especially its digital businesses. In his view, a full Google presence would imply the removal of significant barriers between Iran’s economy and international markets, with consequences extending beyond competition between app stores.

Rahimian put Myket’s value at about $30 million to $40 million at the exchange rate prevailing at the time of the interview. He argued that a platform with 32 million monthly active users could command a much higher valuation in neighboring markets, and that Myket should be worth $300 million to $400 million under such an opening. Those figures describe his assessment of the opportunity, rather than a new valuation or an IPO price target.

He also distinguished between allowing app downloads and building a full local operation. Effective competition, he said, would require support for users and developers, in-app payments, regular settlements with developers and relationships with other market participants.

Whether Google would supply that full technical and operational infrastructure, or maintain a more limited presence, would shape the competitive impact, he said. The scenario concerns commercial operations and payment access beyond the earlier unblocking of Google Play.

Rahimian said Myket welcomed competition. He argued that, although it was an early entrant, the company had attracted users through the quality of its services rather than simply being among the first app stores in the market.

Growth beyond app downloads

Myket reports about 60 million installations and 32 million monthly active users. Asked whether Iran’s app-distribution market was approaching saturation, Rahimian estimated that the country had about 80 million Android users, leaving many people Myket had yet to reach.

He said growth opportunities also extended beyond adding users. Myket’s advertising business still works mainly with app owners, with a limited presence in the wider market for brand advertising. Video advertising, original content and livestreaming are among the areas he identified for expansion.

Scale changes the advertisers a platform can attract, he said. As an example, he argued that a service generating several billion minutes of video viewing a month could become a more serious option for brands considering television and outdoor advertising.

Rahimian also expects people to use their phones more. He pointed to AI, a growing variety of games and apps, and new generations of smartphone users as reasons digital-service usage could increase even without a sharp rise in user numbers.

As developers bring more services to mobile devices, he said, Myket could increase engagement and generate more revenue from its existing users.

A broad customer base underpins the profit outlook

Asked how sustainable Myket’s revenue growth and profitability were after the listing, Rahimian emphasized the number of businesses and users it serves. He said Myket worked with 22,000 developers and about 1,000 advertisers, alongside millions of people using the platform daily.

A business dependent on a few large customers can be exposed to the loss of a single contract, he said. Myket’s broader base of commercial relationships reduces the risk of a sudden hit to profitability, in his assessment.

Maintaining that position would still require continuous work, new ideas and the ability to manage technical and operational complexity, Rahimian said. He argued that diverse revenue sources and a broad commercial base could support continued profitability as long as Myket retained its competitive position.