The EMPG-owned property portal Lamudi Indonesia has today announced that it has acquired OLX's real estate business in the country for an undisclosed sum.
According to a press release, the combined entity of Lamudi Indonesia and OLX Indonesia will generate 4.5 million monthly unique visits, over 2 million inquiries and will post over 600,000 new property listings every month. OLX Group sources confirmed that there are no plans to change the interface of the site's real estate section or operations and that other categories on OLX Indonesia will also remain unchanged.
While OLX Indonesia looks and feels like the horizontal classifieds platform that users have gotten to know across many developing markets, Lamudi is a specialist real estate vertical. The portal was founded in 2013 by the German company Rocket Internet and launched in Indonesia in 2014. Lamudi's global operations were bought out by EMPG in May 2020.
“We could not be more excited about our path forward as a clear market leader in Indonesia, shaping the future of property transactions through innovation and technology,” said Lamudi CEO Kian Moini.
“This acquisition is only a part of the investment commitment we are making to execute our vision for Indonesia, which is to provide Indonesians with a best-in-class real estate experience on the way to finding a new place to call home,” added EMPG CEO Imran Ali Khan.
The deal leaves a clear three-horse race in the Indonesian real estate portal market with 99.co and PropertyGuru vying with the newly consolidated offering from EMPG for a market leadership position which all three claim to have.
OLX Group's sale of its Indonesian real estate assets to EMPG comes hot on the heels of the sale of its Latin American real estate portal brand Properati to Lifull Connect earlier this month. This is also not the first time that OLX Group has done a deal with EMPG. The two entered into a strategic agreement in April 2020 which saw OLX Group cede control of its assets in the Middle East whilst becoming a 39% shareholder of EMPG.
OLX Group does still operate real estate verticals in Poland (Otodom), Portugal (Iovirtual), Russia (Domofond), Romaina (Storia) and Southern Africa (Property24).