The Zamzama Property Group, a new property portal group that now controls Pakistan’s Zameen.com and UAE’s Bayut.com, has concluded a venture round raising USD 9 million from three renowned international funds.
The group is led by the Ali Khan brothers as well as Gilles Blanchard, Simon Baker and Roland Tripard. Per Brilioth, the Managing Director of Vostok New Ventures, one of the funds that was part of the venture round, has also joined Zamzama’s Board of Directors. The Ali Khan brothers retain controlling interest.
Imran Ali Khan said the venture round would go a long way towards achieving the group’s expansion goals in the Middle East.
“Zameen and Bayut have both grown exponentially over the last year, and we now have our sights set on several key markets that are ripe for new entrants. With highly experienced industry leaders at the helm, I believe we will make our mark swiftly,” he said.
Zameen has exhibited exponential growth over the last year, expanding its team from 90 employees at the start of 2014 to well over 300 people across Pakistan currently. It also crossed the 2 million visits mark in August 2015.
Meanwhile, despite a slow UAE market in which most of its competitors’ figures have remained static, Bayut has seen more than 100% year-on-year growth in all metrics, including paying agencies and traffic.
Zamzama’s Chairman Gilles Blanchard, a French property portal veteran, said he was excited to be leading a group featuring the crème-de-la-crème of the property portal industry, and one that was funded well enough to dominate the region comfortably.
“We have invested considerable time, effort and funds into building the right teams, and I am confident we will march into new markets with authority and establish our presence unequivocally,” he added.