EMPG Continues Its Acquisition of Lamudi, Including Business Units in Indonesia

The property portal group Emerging Markets Property Group (EMPG) today (12/5) officially announced its acquisition of Lamudi Global, including for Lamudi in Indonesia, Philippines, and Mexico. Previously, in early 2019, Lamudi Bangladesh was acquired through Bproperty, also part of the EMPG business unit.

EMPG CEO Imran Ali Khan said that this acquisition signifies the company's intention to start focusing on working on the Southeast Asian market and beyond. Because according to him the area has tremendous market potential for property business.

Also adding Lamudi.co.id Managing Director Mart Polman, that the expansion of EMPG to this area is believed to raise the bar for property players online in Indonesia. "EMPG has built very successful businesses in many countries, they have good skills to manage the property portal business and have advanced technology which is expected to help Lamudi.co.id to grow even more."

EMPG itself owns and operates gay in the UAE, Saudi Arabia and Jordan, Zameen in Pakistan, Bproperty.com in Bangladesh, and Mubawab in Morocco and Tunisia, as well as one of the marketplace best in Thailand, Kaidee, which was recently acquired in February.

In addition, EMPG also owns and operates Dubizzle in UAE, OLX Pakistan, OLX Egypt, and OLX Lebanese, in addition to multiple platforms OLX others in the Gulf Cooperation Council (GCC) countries.

This April 2020, the new EMPG adds to the coffers of capital through corporate rounds by OLX Group for US$150 million. Previously, the series D funding round that was carried out from mid-2018 to early 2019 managed to bring the company's valuation to status unicorn.

Lamudi.co.id itself was founded in 2014 as a property platform online which helps bridge the gap between sellers, buyers and tenants.

In Indonesia, business competition in related sectors is quite tight. Several companies also continue to strengthen consolidation. In early 2018, Singapore-based property site developer 99.co officially announced its acquisition of the local platform Urbanindo. Not long ago they also formed j with REA Group, a property company online from Australia who operates iProperty and Rumah123.

Apart from the two groups of companies, PropertyGuru also operates a business unit in Indonesia. They run two sites, namely Rumah.com and Rumahdijual.com which were acquired at the end of 2015. In Indonesia, its operations are also supported by the EMTEK Group conglomerate as an investor in the series D funding round.