These fund will help expand its business in Asia and Latin America whilethe new the new round excludes Lamudi Africa and Middle East which is run by Africa Internet Group, its sister business, also backed by Rocket Internet.
Lamudi plans is to boost its presence in nine emerging markets across Asia and Latin America, namely the Philippines, Indonesia, Bangladesh, Myanmar, Pakistan, Sri Lanka, Mexico, Colombia, and Peru.
TechCrunch reported that the investment round was led by Asia Pacific Internet Group (APACIG), Holtzbrinck Ventures, and Tengelmann Ventures which is a division of retail group Tengelmann. APACIG is a joint venture firm of Rocket Internet and Qatari operator Ooredoo.
All three venture capitalists were involved in Lamudi’s previous USD 18 million capital raising in February 2015.
Lamudi co-founder and managing director Paul Philipp Hermann told TechCrunch their main goal right now is to build the brand in a bid to become the leading online real-estate portal in all of their markets.
Mexico and the Philippines are currently Lamudi’s strongest points, as online traffic to local sites in both countries represent almost half of its four million monthly visits to its collection of portals.
The company caters to real estate segments such as residential, commercial, industrial, private islands, including social housing.
Among the challenging markets Lamudi now faces are Myanmar and Bangladesh where Internet adoption is just beginning to take off, and then Pakistan with its 180 million inhabitants and growing Internet users but is evidently dominated by its rival portal Zameen. The latter just recently raised $20 million and operates listings site Bayut in the UAE and is also reportedly aiming to expands its presence in the same target markets of Lamudi.
Lamudi disclosed its revenue increased 460 per cent in 2015, and is optimistic that figures could be higher this year.