Money Web- South Africa�s MTN has increased its investment in an Iranian e-commerce business, it said on Monday, without disclosing the size of the transaction.

MTN, Africa�s largest mobile phone company, told Reuters last year that it planned to expand in Iran, where it has a leading position but from which it has not been able to repatriate profits until recently due to US sanctions.

MTN said its Iranian unit Irancell led a funding round for the Iran Internet Group (IIG) to accelerate the e-commerce group�s growth.

IIG runs Snapp.ir, a car-hailing platform which MTN last year backed with a $22 million investment, as well as online marketplace Bamilo.com and food-ordering service Zoodfood.com.

�Over the past two years we have seen incredible growth at IIG, and this investment by our local partner is testament to the strength of the group�s business model and management team�, MTN chief digital officer Herman Singh said.

MTN, which set aside about $700 million in capital expenditure, part of it to revamp Iran�s network infrastructure, has said it is extending its reach into the nation�s e-commerce rapidly particularly in retail and travel sectors.