UAE’s Emerging Markets Property Group (EMPG) which owns and operates Bayut, Zameen and several other property classifieds across the globe has acquired (Rokcet Internet-backed) Lamudi Global. The Acquisition will allow EMPG to expand in Philippines, Indonesia, and Mexico.
EMPG had earlier raised $150 million from OLX Group and merged with its businesses in MENA & South Asia as well as announced the acquisition of a leading Thai property portal Kaidee.
Lamudi that was founded in 2013 with the backing of Rocket Internet at its peak was open in 34 countries across the world. The company had raised over $50 million in (disclosed) venture capital. Lamudi’s website notes that it currently operates its portals in Mexico, Indonesia, Philippines, Peru, and Colombia.
“Lamudi is currently a well-recognized brand with an excellent market share in the Philippines, Indonesia and Mexico. The combined total of real estate transactions in these countries is estimated to be $55.1 billion per year, with a potential commission pool of over US $2.3 billion that EMPG’s real estate partners can benefit from. These are also densely populated geographies with a combined population that is just shy of half a billion people.”
– EMPG Statement
It is also not clear if EMPG will relaunch these platforms with a different brand or continue to operate them as Lamudi.
“We welcome the Lamudi Global teams to the EMPG family. They bring with them a lot of experience and domain knowledge, and we value the people who have been with the business since the beginning. We look forward to working with the team to continue growing the business, and EMPG will provide strategic, technological and financial support as needed.”
“Our aim is to build a strong presence in the region with these acquisitions. Southeast Asia is a bustling, happening market with tremendous potential, and we look forward to providing the best experience to both professionals and consumers,” he added.
“EMPG has built highly successful businesses in all of its geographies, and the group’s strategic depth and advanced tech are two major assets Lamudi looks forward to as we begin this next phase of our journey.”
Haider Ali Khan, the CEO of Bayut and Head of MENA for EMPG, said, “We are very happy to welcome Lamudi Global to the EMPG family. These are very exciting new regions for us, where there is potential for technology to make a significant difference and add value. We look forward to working closely with the local teams and providing the necessary support to enhance their presence using advanced technology and extensive market research. “