The Dubai-based international classifieds operator Dubizzle Group (formerly EMPG) has announced that it is carrying out a "wide-ranging optimization drive" at its Indonesian portal company, Lamudi ID.
The company said in a press release that the changes are designed to create a leaner business and ensure profitability.
In Indonesia, Lamudi is the number three player in the real estate vertical some way behind 99 Group (owner of 99.co and Rumah123) and PropertyGuru (owner of Rumah.com) in terms of traffic according to Similarweb.
Among the optimizations being enacted are a series of redundancies with the company's "existing key management team" set to retain their roles.
“Over the last two years, Lamudi Indonesia has grown significantly with 185% growth in paying customers and 88% increase in revenue,” said Lamudi Indonesia CEO Mart Polman.
“The optimization drive will allow us to continue this impressive growth trajectory and ensure ongoing profitability, as well as enable Lamudi to enhance focus on the valuable services it provides to its extensive customer base of 30,000+ agents, developers and banks,” he added.
The move comes as Dubizzle Group continues to gear up towards an IPO.
After raising $200 million in October 2022, company CEO Imran Ali Khan admitted that the firm was "preparing for an IPO in the near future". Since then Dubizzle Group has changed its name, appointed a new CFO and sold off unprofitable overseas assets such as Thai marketplace Kaidee, Mexcian real estate portal Lamudi and Bangladeshi real estate portal bproperty.
Dubizzle Group Assets
Brand Markets Bayut
UAE, Egypt, Other GCC Countries
Online Marketplaces has contacted Dubizzle Group to ask about the number of redundancies, specifics of other optimization measures and the group's ongoing commitment to the Indonesian market and will update this article if and when we receive a response.