Lamudi Mexico has announced that it is to invest $60m into becoming the top real estate portal in the country within 3 years. With the backing of EMPG, the company will be investing in traffic acquisition, hiring in the commercial team and new technology to widen the range of products and services the company offers.
According to a press release, this last point is the key to the multinational portal brand’s success in Mexico and something that the company has been working hard on. In 2018 Lamudi Mexico started expanding its services to new build developers in the country and getting closer to the transactions via a network of affiliates in the industry and this path is something that will be key for the company going forward according to CEO Jaume Molet:
“This is a big step forwards in our vision to turn ourselves into the best real estate platform offering value to professionals and users at all stages of the property transaction process. First, we started with the marketplace business, then we continued with the transactional business and this is another step in that direction.”
The company also has big plans when it comes to hiring. According to Linkedin Lamudi Mexico currently has some 66 employees with Molet saying that the company wants to have 1,000 employees in Mexico by 2022 and wants to quadruple its sales and accounts staff.
Currently, Lamudi sits in third place in the Mexican real estate market behind Navent’s inmuebles24 and Adevinta’s Vivanuncios in terms of both branded query volume on Google search and traffic on Similarweb.
The company is in its 7th year operating in the Mexican market having been one of a number of Lamudi brand property portals set up by Rocket Internet in various developing markets around the world over the course of 2013-2014, all of which have since been bought up or closed down.
Lamudi Mexico, along with sister portals in The Philippines and Indonesia, was sold to Middle Eastern online classifieds unicorn EMPG last year for an undisclosed sum. EMPG last month sanctioned a hiring spree in The Philippines and it seems that the parent company’s ambitions for its Philippino asset are now being mirrored in Mexico.