Lamudi.co.id Acquires Property Business OLX Indonesia
EMPG, which is the parent of Lamudi, has ties to OLX, after acquiring OLX Group's business in MENA and South Asia
Lamudi.co.id announced the acquisition of OLX Indonesia's property business. Starting earlier this year, the business line is fully operated by Lamudi.co.id. This strategy is part of Lamudi's ambition to become a proptech largest in Indonesia.
For the record, Emerging Markets Property Group (EMPG), a property portal group from the Middle East, South Asia, and Southeast Asia announced its acquisition of Lamudi Global, a property portal group with operations in Indonesia, the Philippines and Mexico. in May 2020.
A month earlier, EMPG also fully acquired OLX Group which operates in MENA (Middle East and North Africa) and South Asia. This move successfully catapulted EMPG's valuation to unicorn, thanks to the injection of funds obtained from the OLX Group and other stakeholders for $150 million.
Through the acquisition of OLX Indonesia's property business, Lamudi.co.id now has more than 4,5 million unique visitors, 600 thousand listing new each month, and generate more than two million buying interest which will ensure high visibility of listing sellers.
“This acquisition is a golden opportunity to continue to improve our services to the people of Indonesia, especially in providing the most complete property options according to everyone's needs. Lamudi.co.id is always here for the people of Indonesia to provide the easiest and most reliable experience in finding a dream property," said Lamudi.co.id CEO Mart Polman in an official statement, Wednesday (11/1).
Lamudi's founder Kian Moini said that Indonesia is a priority market for EMPG due to high confidence in the potential of the property market in Indonesia, Indonesia's economic growth prospects in the future and also Lamudi's potential in providing the best real estate solution services.
"This acquisition demonstrates our investment commitment in our vision of Indonesia, which is to provide the best real estate service experience and help Indonesians find a dream home," he said.
OLX Group Indonesia CEO Johnny Widodo added that the merger of OLX's property business with Lamudi.co.id will strengthen access to property for all potential home buyers in Indonesia.
“We are proud of the growth of OLX Indonesia's property business, which has been trusted by millions of users, and we are confident that this business will continue to grow. Lamudi.co.id will strengthen the property search journey for all Indonesian property seekers," said Johnny.
Johnny also delivered, everyone interface and operations will continue as usual without any changes, including other businesses that are still under OLX Indonesia.
On the OLX site, the company will share user account data to Lamudi.co.id. If you don't like and don't agree to the terms and conditions, the user can delete his account no later than January 18, 2022.
Lamudi.co.id first appeared in Indonesia in February 2014 and has employed more than 700 employees and continues to grow with plans to continue its expansion in the Indonesian property market. They provide end-to-end services in property search for each use and become a liaison platform between property seekers and developer in a manner online to the transaction process which is facilitated by the best technology to facilitate the property search journey.
In July 2020, OLX also announced acquisition step against similar local players, BeliMobilGue. This move changed the use of the brand to OLX Autos Indonesia (OLX Autos), as well as appointed the chairman of BeliMobilGue Johnny Widodo as part of OLX Indonesia.
Choose the acquisition step
This business acquisition step was previously also carried out by Lamudi's closest competitor, namely 99 Group. In addition to being practical and automatically making it easier to become a player with the largest users, the selection of this strategy is also capital intensive. Moreover, property searches are increasing in line with increasing digital adoption. Therefore, the more listing, the more swift the visits of these property seekers.
As evidenced by data taken from SimilarWeb, 99.co has become the player with the highest visits in Indonesia for the last six months with an average visit of 19,97 million visits with an average of 1.26 minutes. Then, followed by Rumah123 which received an average of 3,78 million visits with an average of 2.05 minutes and Lamudi.co.id with an average visit of 1,03 visits and an average duration of 3.30 minutes.
99 Group operates in Indonesia and Singapore. 99.co previously acquired Urbanindo, forming a joint venture with Real Estate Australia (REA). REA has two property sites, namely iproperty.com.sg and Rumah123.com. 99 Group also acquired Singapore Real Estate Exchange (SRX) in November 2020.
SRX is a property platform and real estate data provider in Singapore. This acquisition step is to add a group listing, information and tools to support the parent in providing value added and competitive services to consumers and real estate professionals in the country.