MANILA – Dubai-based unicorn EMPG, the parent company of Lamudi Philippines, today announced investment funding of US$200 million at a significantly higher valuation than its last round in 2020, when it achieved unicorn status. This round was led by US-based growth equity fund Affinity Partners, with new funding from several other investors.
EMPG operates several leading online classifieds platforms across emerging markets focused on MENA, South and Southeast Asia.
“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 EMPG 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.
The new funding will help Lamudi Philippines’ strategic plan to expand its business in the national property market to help Filipinos find their dream home.
“In the last 2 years since being acquired by EMPG, Lamudi Philippines has strengthened its market leadership in the PropTech space further. This funding will help us strengthen our team in the Philippines, as well as in our mission to help all property industry players in the country. Our efforts will be focused on helping them run their businesses more efficiently, as well as on technological innovations that will make it easier for Filipinos to find and get their dream property,” said Anurag Verma, Country Head of Lamudi Philippines.
In 2022, Lamudi Philippines has helped more than 15 million users find property online on its portal with 200,000 property listings monthly, which makes Lamudi the largest property portal in the Philippines.
“In two years’ time, we have seen unprecedented growth not just in the demand for real estate – an effective hedge against inflation – but also on all fronts. Developers are recovering from the pandemic and releasing new supply to the market. Property search is at an all-time high. This funding will help us further build on our foundations of transparency and professionalism in the industry, anchored in our goal to help every Filipino family find their dream property,” Lamudi Global CEO Kian Moini said.
About Lamudi Philippines
Lamudi Philippines is the largest property portal in the Philippines with the widest reach to property listings. Driven by our mission to help everyone find the property of their dreams, we present an end-to-end solution for the property ownership journey that connects developers, agents, bank partners, and property seekers in the easiest-to-use and most trusted platform. Lamudi Philippines is part of the Emerging Markets Property Group (EMPG), a leading technology property group with unicorn status with operations in 18 countries.
For more information, please visit www.lamudi.com.ph and follow our journey on Instagram: @lamudi_ph & @lifeatlamudiph, Facebook: @LamudiPhilippines Twitter: @lamudi_ph and Linkedin: @Lamudi-philippines.
For media inquiries, contact Kristine Quilon, PR Manager of Lamudi Philippines ([email protected]).
About EMPG
EMPG, a Prosus-backed company, is the leading property verticals and online classifieds platform in emerging markets focused on MENA, South and Southeast Asia. The Company’s flagship platforms are Bayut, Dubizzle, Zameen.com, OLX (Pakistan, Egypt, Lebanon) and Lamudi Philippines. EMPG is present in more than 50 cities across its target regions, with over 200 million monthly visits to its platforms.
For more information, please visit https://www.empg.com/
About Affinity Partners
Affinity Partners is an investment firm based in the United States.
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The article was originally published in Lamudi.
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