Emerging Markets Property Group (EMPG), the latest unicorn of the region that owns and runs Bayut, Zameen, and other leading property classifieds websites across the region, has acquired Rocket Internet-backed Lamudi Global, it said in a statement to MENAbytes. The company will expand to the Philippines, Indonesia, and Mexico as a result of the acquisition. The financial details of the deal were not disclosed.
The acquisition, EMPG said, took place before the company raised USD 150 million from OLX Group and merged with its businesses in MENA and South Asia. Just before the OLX deal, EMPG had also announced the acquisition of a leading Thai property portal, Kaidee.
The Dubai-headquartered group has previously acquired Lamudi’s businesses in the Middle East and Pakistan. The Middle East acquisition, which was announced in April last year, included Lamudi’s property portals in the United Arab Emirates, Saudi Arabia, and Jordan, all of which now have been relaunched under Bayut’s brand.
EMPG never really announced the Pakistan acquisition, but Lamudi Pakistan was relaunched as Prop.pk. It is an interesting move considering the fact that EMPG owns and runs Pakistan’s leading property portal Zameen.com. Instead of Zameen absorbing Lamudi’s business and listings, EMPG decided to create a new brand for it.
Lamudi was founded in 2013 with the backing of Rocket Internet. At its peak, Lamudi was available in 34 countries across the world. According to publicly available data, the company had raised at least USD 50 million in venture capital. Lamudi’s website notes that it currently operates portals in Mexico, Indonesia, the Philippines, Peru, and Colombia.
According to the statement, EMPG is acquiring Lamudi’s business in Mexico, Indonesia, and the Philippines. Lamudi Colombia’s website, at the time of writing, was down, which suggests that it has been shut down by the company. Lamudi Peru currently has an active website, but it is not immediately clear whether it will continue to operate.
The statement by EMPG notes, “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 USD 55.1 billion per year, with a potential commission pool of over USD 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.”
It is also not clear if EMPG will relaunch these platforms with a different brand or continue to operate them as Lamudi.
EMPG co-founder and CEO, Imran Ali Khan, commented on the acquisition and said, “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.
Kian Moini, CEO of Lamudi, said, “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.”
This article first appeared on MENAbytes.