Bayut buys property portal Lamudi

April 15, 2019
Share this Post: 

The acquisition comes after Bayut's parent company closed a funding round with $100 million in February

Bayut, a real estate listing and research platform based out of the UAE, has acquired its competitor, Lamudi, owned by Middle East Internet Group. The company has yet to disclose the amount. Bayut has plans to launch an operation that will expand its presence into Saudi Arabia within the near future.

“With a network of sites operating in the region, we are very well placed to maximize consumers’ reach and clients’ exposure across a broader region,” said Haider Khan, Founder and Chief Executive of Bayut.

Middle East Internet, formed by venture capital company Rocket Internet, has launched various e-commerce ventures in the region including online shopping website Wadi.com.

The company launched Lamudi.sa as the first real estate portal in Saudi Arabia in 2012, followed by Lamudi.jo in Jordan. The UAE version Lamudi.ae went live in 2015. Under the deal, Bayut will take ownership of all of Lamudi’s assets in the GCC.

The acquisition of Lamudi Middle East provides “the ideal platform for Bayut to expand its footprint in the GCC”, especially in the kingdom – the Arab world's biggest economy.

Read more here

Join us in Miami Beach, June 5-7 for the Global Online Marketplaces Summit.

899

April 15, 2019

Subscribe to our mailing list to get news updates!

Enter your email address and get updates from Online Marketplaces.

Related News

Aptuno Bogota
Latin American PropTech Aptuno Adds New Products

The Colombian headquartered end-to-end rentals specialist Aptuno has announced the launch of two new financing products designed to bring liquidity...

Read More
Yandex Bleak Houses
Yandex Reaches Settlement with Russian Classifieds Companies Over Competition Law Dispute

Russian search giant and online classifieds operator Yandex has reached a settlement with the country's Federal Antimonopoly Service (FAS) putting...

Read More
Otm British Street
OnTheMarket Performing 'Ahead of Expectations' as it Rapidly Approaches Breakeven

The majority agent-owned British portal OnTheMarket has released a trading update to the London Stock Exchange in which shareholders were...

Read More
Homesearch Searching For Home Pic
British PropTech Homesearch Gets Funding From Original Zoopla Backer Octopus Ventures

Property data prospecting system and one-time challenger portal operator Homesearch has secured £5 million in funding from Octopus Ventures. Founded...

Read More