Emerging Markets Property Group (EMPG), the parent company of vastly successful property portals in the MENA and South Asia regions, has announced that it has wrapped up a first close of $50 million as part of a substantially larger investment round.
In addition to Bayut.com in the UAE, EMPG owns and operates Zameen.com in Pakistan, Bproperty.com in Bangladesh, and recently announced its acquisition of Mubawab in Morocco. The Pakistan, Bangladesh and Morocco portals are clear leaders in their respective markets, and Bayut.com, one of the top portals in the UAE with a lead in some geographies, is well on its way to achieving clear leadership by December 2019.
Haider Ali Khan, the CEO of Bayut.com, said $25 million of these funds would be deployed in the Emirates with a focus on further consolidation. “The remaining funds will be used to further strengthen EMPG’s leading position in its other markets,” he added.
Together, these portals generate over 2 million leads for their clients every month.
“EMPG’s growth has been comprehensive across all metrics, on the back of some of the world’s most advanced digital real estate platforms developed by our R&D teams,” said Group CEO Imran Ali Khan.
“With a compounded annual revenue growth rate of over 100% over the last five years, more than 15,000 real estate agencies, and 8 million plus monthly visits across our portals, EMPG is ideally positioned for regional dominance,” he added.
EMPG has raised a total of $60 million in its four previous rounds, and the current round is its largest yet, bringing up the grand total to $110 million. The Group has presence in 40 cities across the UAE, Pakistan, Bangladesh, Morocco, Spain and Romania with over 1,500 employees.