Myanmar-based real estate marketplace iMyanmarHouse, which claims to be the number one property marketplace in Myanmar, has acquired the auto marketplace CarsDB.com for an undisclosed sum.
Both firms are majority-owned by Malaysia-based marketplace specialist Frontier Digital Ventures (FDV) and also share the same CEO, Nay Min Thu—who has been at iMyanmarHouse since 2013, and CarsDB since June of this year.
Thu said of the acquisition:
"The collaboration has not only expanded the user base but also catalyzed cross-platform interaction, creating a one-stop digital destination for both real estate and automotive enthusiasts.
"The synergy between iMyanmarHouse and CarsDB has surpassed our expectations, resulting in a synergistic effect that has redefined our online presence. We are thrilled to see our platforms resonating so well with our users, and this achievement is a testament to the hard work and dedication of the entire team.
"iMyanmarHouse has been able to maintain profitability since 2019. We have been able to do so because of the market-leading position that we have.
"We are going full steam again and have doubled our staff count. We will actively be looking for new opportunities in other verticals as well. The increased traffic, coupled with the successful integration of both platforms, has provided fertile ground for businesses and individuals alike to explore new opportunities, foster connections and thrive in an increasingly digital economy."
According to a press release from the company, the respective marketplaces have monthly traffic 24x and 7x of their nearest competitors based on data supplied by web traffic comparison site Similarweb.
FDV reported that iMyanmarHouse and CarsDB generated revenues of $430,000 in Q2 2023, a 71% increase year-on-year—with a combined EBITDA of just over $62,000.