UAE’s EMPG acquires Rocket-backed Lamudi Global
EMPG, a real estate classifieds marketplace group headquartered in the United Arab Emirates, has acquired Lamudi Global, which runs property market portals in the Philippines and Indonesia.
Lamudi, which was part of Germany’s Rocket Internet’s portfolio, previously raised $31.4 million in a funding round in 2016. Apart from Rocket Internet, it counted Qatari telecom company Ooredoo, European venture capital firm Holtzbrinck Ventures, and Tengelmann Ventures, the VC arm of German retail giant Tengelmann Group, as investors. The size of the EMPG deal was not disclosed.
Lamudi, headquartered in Germany, runs real estate classified websites in seven countries, down from nine in 2016. In Asia, it has a presence in Indonesia and the Philippines, having previously operated in Bangladesh, Myanmar, Pakistan, and Sri Lanka. During a phase of rapid expansion, it once had a presence in up to 30 emerging markets in Latin America and Asia.
Lamudi was one of several Southeast Asia-focused companies supported by start-up developer Rocket Internet - a journey that has led to the emergence of a talent pool of digital entrepreneurs and venture capitalists in the region. It helped create fashion platform Zalora and online retailer Lazada. In Asia, Rocket Internet counts nine start-ups in its active portfolio right now.
EMPG said the acquisition would complement its earlier merger with the Middle Eastern and Pakistani business units of Germany’s OLX Group, the global classified business owned by Prosus Ventures, formerly a VC arm of South African media conglomerate Naspers. Last year, EMPG had already acquired Lamudi businesses in the Middle East, Pakistan, and Bangladesh.
“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 EMPG CEO Imran Ali Khan, according to a statement.
EMPG states the potential value of total real estate transactions in the Philippines, Indonesia and Mexico markets is currently estimated to be $55.1 billion. Not all of this business would run through online real estate portals.
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