EMPG raises US$200 million funding to consolidate market leadership position

EMPG, the Dubai-based unicorn that owns and operates Bayut & dubizzle in the UAE and Zameen.com in Pakistan, has announced the closing of a US$200 million investment round led by US-based growth equity fund Affinity Partners, with new funding from KCK, Acacia Partners, plus several other investors including Prosus, which maintains its stake. 

The investment represents another significant milestone in EMPG’s journey as the Company establishes itself as the largest and most successful classifieds player in emerging markets, focused primarily on the MENA, South Asia and Southeast Asia regions. 

The company aims to remain focused on its core markets, which are already cash-flow positive and growing sustainably. The majority of the investment would be earmarked for the UAE, the company’s largest market where it operates the market-leading Bayut and dubizzle brands.

EMPG’s popular classifieds and transactional product offering is deeply rooted in its technology platform and benefits from strong network effects. The company has invested heavily in its technology infrastructure, with its own tech centers comprising over 500 engineers. The company has said a significant part of the incoming funds will be devoted to further investment in its proprietary and highly scalable technology platform.

“With this round of investment, EMPG begins a new chapter in its success story. We are on track to double our revenue over the last 24 months while achieving an EBITDA positive position, and we look forward to continuing this strong growth trajectory,” said CEO Imran Ali Khan.

“With the successful closure of this round the company’s focus will now turn towards preparing for an IPO in the near future, which has always been part of our larger vision,” he added.

Haider Khan, Head of EMPG MENA, said the company’s flagship UAE brands Bayut and dubizzle had come together in 2020 and had greatly increased value to clients and consumers alike.

“Bayut and dubizzle have established themselves as clear leaders in the property, cars and general classifieds space since our merger in 2020,” said Khan.

“With the incoming funds, we aim to significantly invest in our tech platforms to further strengthen our product offering across the board to ensure that our users and customers are provided the best-in-class classifieds experience,” he added.

Citigroup Global Markets Limited (Citi) acted as EMPG’s exclusive financial advisor and placement agent in the transaction.

EMPG’s Lamudi acquires OLX Indonesia’s Real Estate business

JAKARTA, INDONESIA: In a move that will propel Lamudi Indonesia upward in the
country’s real estate market, the Jakarta-based real estate portal has announced its
acquisition of OLX Indonesia’s Real Estate business, including all Real Estate-related
seller and buyer activities. 
Lamudi is part of EMPG, the UAE-based Classifieds group that reached unicorn
status in 2020 upon acquiring OLX Group assets in the Middle East and Pakistan,
along with a significant cash injection from OLX Group and its existing
Combined with OLX Indonesia’s Real Estate business, Lamudi Indonesia has 4.5
million monthly unique visits, generating over 2 million inquiries, offering superior
visibility for sellers. The combined portal will receive over 600,000 new property
listings every month, ensuring the availability of the widest range of real estate
options for all Indonesians.
Lamudi was launched in Indonesia in February 2014 and employs more than 700
people in the country, with plans to expand aggressively and solidify its position
further. Its main offering is its highly optimized property classifieds platform
www.lamudi.co.id, which connects buyers and sellers online, and extends into
transactions – providing users with the most superior and tech-enabled property
buying journey.  
Lamudi CEO Kian Moini said the real estate industry in Indonesia is at an exciting
time now and is going through a massive digital transformation. Lamudi and OLX
are connecting millions of people digitally every month, already serving thousands
of real estate companies. The acquisition of OLX Real Estate section strengthens
Lamudi’s portfolio of digital products and services, which are focused on helping
people make decisions that positively change their lives.
“We could not be more excited about our path forward as a clear market leader in
Indonesia, shaping the future of property transactions through innovation and
technology,” said Moini. 
EMPG CEO Imran Ali Khan said the Group had great confidence in Indonesia’s real
estate market and the country’s economic path forward. 
“This acquisition is only a part of the investment commitment we are making to
execute our vision for Indonesia, which is to provide Indonesians with a best-in-class
real estate experience on the way to finding a new place to call home.”
CEO OLX Group Indonesia Johnny Widodo said that he is delighted that OLX
Indonesia’s Real estate customers will now receive a broader range of options to
choose from to further enrich their property experience through technology.
“We are proud to have grown the Real Estate category in OLX Indonesia with
millions of users and trust that this category is now in the right team to accelerate
the business further. Lamudi will strengthen and provide a seamless journey for our
customers in Indonesia,” said Widodo.
Widodo added that all interfaces and operations will remain as usual with no
changes, including the other categories that will remain under OLX Indonesia.

EMPG expands into Philippines, Indonesia and Mexico with Lamudi Global acquisition

DUBAI: EMPG, one of the leading digital classifieds groups in the MENA, South Asia and Southeast Asia regions, has announced its acquisition of Lamudi Global, which has businesses in Philippines, Indonesia and Mexico.

The group said the acquisition had taken place before its merger with OLX Group’s businesses in MENA and South Asia that raised EMPG’s valuation to $1 billion, which was announced last week. EMPG had also acquired Thailand’s top marketplace Kaidee in February, which – along with the Lamudi Global transaction – marks a strong push into Southeast Asia for the group.

EMPG owns and operates Bayut in the UAE, Saudi Arabia and Jordan, Zameen in Pakistan, Bproperty.com in Bangladesh, and Mubawab in Morocco and Tunisia, alongside Kaidee. It now also owns and operates Dubizzle in the UAE, OLX Pakistan, OLX Egypt and OLX Lebanon, in addition to several other OLX platforms in the GCC.

Lamudi was founded in 2013 as an online property platform focused on emerging markets. Lamudi is currently a well-recognized brand and a well-established player in Philippines, Indonesia and Mexico. EMPG had already acquired Lamudi’s Middle East, Pakistan and Bangladesh businesses last year.

The combined total of real estate transactions in the Philippines, Indonesia and Mexico is estimated to be US $55.1 billion per year, with a potential commission pool of over US $2.3 billion for real estate professionals. The combined population of the three countries is just shy of half a billion people.

EMPG CEO Imran Ali Khan 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.”

He added that the acquisition also signalled EMPG’s intent to focus on Southeast Asia in addition to its core regions.

“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,” said Khan.

Kian Moini, CEO of Lamudi, said EMPG’s expansion into the region would raise the bar for online marketplaces.

“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,” he said.

The transaction value was not disclosed.

EMPG and OLX Group announce merger of MENA and South Asia businesses

EMPG and OLX Group announce merger of MENA and South Asia businesses

  • Deal includes OLX Group’s businesses in Pakistan, Egypt, the UAE and Lebanon
  • The agreement brings a US $150 million cash injection led by OLX Group with participation from existing EMPG shareholders
  • EMPG valued at US $1 billion post transaction

Amsterdam and Dubai 28 April, 2020: Emerging Markets Property Group (EMPG), a leading property portal group in emerging markets, and OLX Group, Prosus’s global classifieds business, have announced their merger in Pakistan, Egypt, Lebanon and the UAE. The agreement includes a US $150 million investment round, led by OLX Group along with existing EMPG shareholders, which values EMPG at US $1 billion after the transaction. As part of the deal, OLX Group will contribute its operations in the four countries into EMPG and will become EMPG’s largest single shareholder, owning 39% of the company.

EMPG will use the new capital to develop a range of new services, creating a more seamless user experience, enhancing data transparency, and deepening market intelligence for both consumers and business users. In Egypt and Lebanon, EMPG will operate the existing OLX platforms, rolling out new services for the real estate community, as well as offering consumers a superior experience across all categories. In Pakistan and the UAE, both groups’ platforms will be operated by EMPG and will continue to operate through their well-known local brands.

The aggregated value of properties sold in these markets is estimated at US $90 billion, providing a commission pool for real estate agencies of over US $2 billion per annum. This presents a great opportunity for EMPG to enhance their real estate services in these markets.

“EMPG has grown at a tremendous pace since its inception,” said CEO Imran Ali Khan. “Our unique ability to scale using our proprietary tech has aided and enabled this expansion. This deal puts us one step further in our journey towards providing solutions in multiple markets to over a billion consumers around the world, expanding our classifieds offering significantly.”

Martin Scheepbouwer, CEO of OLX Group, says “I’m proud of what we have built in these four markets. Our brands are household names, and currently help tens of millions of people to exchange goods and services every month. The next phase is an exciting one, with EMPG’s real estate industry expertise helping deepen the customer experience. As EMPG’s largest shareholder, we’ll have a front seat to explore how we can scale their services model further – taking our ambition to shape the future of classifieds into its next stage.”

EMPG is currently present in the GCC region with Bayut, Pakistan with Zameen, Bangladesh with Bproperty, Morocco and Tunisia with Mubawab, and Thailand with Kaidee. After this deal, besides expanding to Egypt and Lebanon, EMPG will also operate OLX’s platforms in Pakistan, Saudi Arabia, Bahrain, Kuwait, Qatar and Oman, and the dubizzle platform in the UAE.

EMPG acquires Thailand’s top online marketplace Kaidee

DUBAI/BANGKOK/LAHORE: EMPG on Wednesday announced its acquisition of Thailand’s largest online marketplace ‘Kaidee’ – having officially closed the deal more than two months ago in February.
With a strong regional position featuring leading portals in the South Asian and MENA regions – Zameen (Pakistan), Bayut (UAE, Saudi Arabia, Jordan) Bproperty (Bangladesh) and Mubawab (Morocco and Tunisia) – the group’s consolidation of Kaidee marks its expansion into Southeast Asia.
Established in 2011, Kaidee was quick to become Thailand’s leading online marketplace within a relatively short period, and has since established a solid brand image for itself among local consumers; featuring over 30 different categories of goods and services available for instant ordering.
While commenting on the acquisition, EMPG CEO Imran Ali Khan said: “Thailand is one of the most exciting, dynamic markets in Southeast Asia, and its real estate and auto verticals are some of the largest in the region. Kaidee has a rich history in the country, having built a very strong brand on the back of an extraordinary focus on technology and connecting consumers – and so we look forward to investing significant resources to take the business to the next level.”
Following the company’s entry to the EMPG fold, Imran Ali Khan and EMPG senior executive Mark Nosworthy will now sit on Kaidee’s board of directors.
“We are thrilled to have the opportunity to work with a culture like Kaidee’s, which is incredibly passionate about assisting consumers in buying and selling any type of product,” said Nosworthy. “Kaidee is very strong in many categories, and we look forward to capitalizing on these strengths to the fullest,” he said.
Kaidee CEO Tiwa York also hailed EMPG’s newly-forged relationship with Kaidee – stating that the former figured prominently in the global online marketplace industry; providing effective, localised solutions within the markets it operated in. He added that this merger would help Kaidee expedite its plans for providing market-leading solutions in Thailand that spanned across all verticals.

Mubawab acquires Jumia House in Morocco, Tunisia and Algeria

Mubawab, Morocco’s leading real estate portal acquired by EMPG in May 2018, has announced the
acquisition of Jumia’s acclaimed property listings website Jumia House for the North African
(specifically Morocco, Tunisia and Algeria) region.
“The acquisition consolidates Mubawab’s position as the region’s leading real estate website, while
providing access to the most promising real estate markets in the Maghreb, with more than 90
million people,” a company spokesperson said in a statement.
EMPG’s award-winning online property portals portfolio, now expanded with Jumia House’s group
integration, includes UAE’s Bayut, Pakistan’s Zameen, Bangladesh’s Bproperty, and Lamudi (GCC and Bangladesh).
Mubawab CEO and Co-Founder Kevin Gormand, while commenting on this development, said, “We
believe strongly in our ability to provide real estate solutions to customers through our sophisticated
platform. We are excited to build on our success and experience in Morocco to provide a broader
platform, maximizing consumer reach and visibility while providing personalized and local support to
our customers.”
Sacha Poignonnec, Jumia co-Founder and co-CEO, said, “We believe in the potential of real estate
portals in Africa and we have built a great platform across Morocco, Tunisia and Algeria to seize this
opportunity. We are confident that Mubawab will sustain the success that Jumia House has had in
these markets.”
“This transaction allows us to focus on our core business of our marketplace while expanding the
scope of our payment and logistics business,” he added.
As of now, Jumia House, in each one of the markets stated, is redirecting to Mubawab’s local
website channels.

EMPG’s Bayut acquires Lamudi’s GCC business, eyes Saudi expansion

Bayut, the leading online property portal in the UAE, has announced that it has acquired the GCC
business of Rocket Internet/Middle Eastern Internet Group’s Lamudi in a landmark deal that will see
Bayut take ownership of all Lamudi assets in the GCC, including its portals in Saudi Arabia, Jordan,
and the UAE.
Middle East Internet Group launched Lamudi.sa as the first real estate portal in Saudi Arabia in 2012,
followed by Lamudi.jo in Jordan. In 2015, Lamudi.ae was launched in the UAE.
The financial details of the acquisition were not disclosed. Bayut’s parent company, UAE-based
EMPG, also owns Zameen.com in Pakistan, Bproperty in
Bangladesh, and Mubawab in Morocco, and has business presence in Spain and Romania as well.
The group successfully closed a $100 million Series D investment round earlier this year.
“Today is a very exciting day for us, as we embark on a new journey to start solving real estate issues
for the largest market in our region. Our extensive experience in similar markets puts us in a unique
position to provide both clients and end-users with a highly sophisticated product that is built to
address their needs. We aim to be a partner to them in their journey of buying or selling a home,”
said Bayut CEO Haider Ali Khan.
He said further that EMPG aims to aggressively grow and establish itself as the most dominant real
estate classifieds solution in the GCC. The group currently employs a workforce of 2,000 people
across all its markets, and receives close to 10 million visits on its websites every month, generating
around 70 million page views and over 2 million customer inquiries in the same timeframe.
“With a network of our sites operating in the region, we are also very well placed to maximize
consumers’ reach and clients’ exposure across a broader region. Our brand name, Bayut, means
‘homes’ in Arabic and our story is a very local one, and this is another step in making our brand a
household name in the natively Arabic-speaking region. With our experience and ability to deploy
significant capital effectively, we are very well placed to solve problems in the real estate markets of
the region through technology,” Khan said.
“Bayut has always focused on providing the most locally-tuned solution to the market, and the
intention behind this acquisition is to take the group’s philosophy to the greater GCC region, with a
focus on Saudi Arabia,” he added.

EMPG raises $100M Series D investment

EMPG, the parent company of market-leading property portals in the MENA and South Asia regions, has announced that it has closed a $100 million investment in its latest and largest round of funding.

EMPG’s round was led by KCK Group while eight other investors, including Exor Seeds, participated in the round.

KCK Group is an investment fund which focuses on diverse sectors including life sciences, energy and industrial technologies. Exor Seeds is affiliated with Exor, the holding company controlled by the Agnelli family. Exor is one of Europe’s leading diversified holding companies with a net asset value of over $24 billion, and a portfolio including distinguished names such as Ferrari, Fiat Chrysler Automobiles, Juventus FC and The Economist.

EMPG owns and operates Bayut.com in the UAE, Zameen.com in Pakistan, Bproperty.com in Bangladesh, and Mubawab in Morocco. The group is present in 40 cities across the UAE, Pakistan, Bangladesh, Morocco, Spain and Romania, with over 2,000 employees.

Group CEO Imran Ali Khan said the funds raised by EMPG would be used for acquisition and investment opportunities, further technology development, and to further strengthen all portals’ position as top players in their respective markets.

“EMPG has grown from strength to strength by adding value to real estate markets through our unique business models and bespoke technology platforms, and with the conclusion of this round we will be looking to expand our geographical footprint,” he added.

To date, EMPG has raised a total of $160 million, making it the highest funded real estate tech company in the region.

Bproperty.com buys Lamudi Bangladesh

Bproperty.com, the top online real estate marketplace in Bangladesh, has announced that it has fully acquired Lamudi.com.bd, the number two property portal in the country.

Bproperty.com is owned and operated by EMPG, which also owns top UAE property portal Bayut.com, Pakistan’s largest portal Zameen.com, and Morocco’s market leader Mubawab.

CEO Mark Nosworthy said the move was aimed at strengthening and consolidating bproperty.com’s position within the country’s real estate sector.

“This is a milestone in the real estate market in Bangladesh. Bproperty’s complete real estate solution gives consumers advice, expertise as well as the market transparency they require in order to make the right decision when it comes to engaging with the real estate industry,”

EMPG raises $50 million

EMPG said on Thursday it has wrapped up a first close of $50 million as part of a substantially larger investment round. EMPG owns and operates a portfolio of property portals that includes UAE-based Bayut.com, Pakistan-based Zameen.com and Bangladesh-based bproperty.com, and in May acquired Morocco-based property website Mubawab for an undisclosed sum.

“EMPG’s growth has been comprehensive across all metrics, on the back of some of the world’s most advanced digital real estate platforms developed by our R&D teams. With a compounded annual revenue growth rate of over 100% over the last five years, more than 15,000 real estate agencies, and 8 million-plus monthly visits across our portals, EMPG is ideally positioned for regional dominance” said EMPG CEO Imran Ali Khan.

Haider Ali Khan, the CEO of Bayut.com, said in a statement $25 million of these funds would be deployed in the Emirates with a focus on further consolidation. “The remaining funds will be used to further strengthen EMPG’s leading position in its other markets,” he added.EMPG has raised a total of $60 million in its four previous rounds, and the current round is its largest yet, bringing up the grand total to $110 million. The group has presence in 40 cities across the UAE, Pakistan, Bangladesh, Morocco, Spain and Romania with over 1,500 employees.