EMPG Raises US$200 Million - Becomes Even More of a Unicorn

October 27, 2022
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EMPG, the Dubai-based holding company behind Bayut and dubizzle in the UAE and Zameen in Pakistan, has closed a US$200 million investment round led by US-based growth equity fund Affinity Partners.

The Group, which had already achieved unicorn status during its previous funding round, will use the funds to focus on core markets.

EMPG also said a significant part of the incoming funds would be devoted to further investment in its proprietary and highly scalable technology platform; the company's popular classifieds and transactional product offering is deeply rooted in its technology platform, with the investing heavily in its technology infrastructure.

Imran Ali Khan, CEO at EMPG, said:

"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.

"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."

EMPG holds controlling stakes in 10 brands in emerging markets globally, including two Indonesian businesses Lamudi.co.id and OLX Indonesia. EMPG is present in more than 50 cities across its target regions, with over 200 million monthly visits to its platforms.

October 27, 2022
Harvey is an experienced property journalist and copywriter. He has written about the property industry since 2015, starting at The Property Franchise Group in the UK, before moving to Spain to work for Spotahome. He has blogged for the private rented sector, ghostwritten for UK property experts and written case studies for franchise owners around the UK. Harvey joined Online Marketplaces as a News Editor in 2022.

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