EMPG Merges With OLX Group and Raises $150 Million

EMPG is claimed to be valued at $1 billion after the transaction.
EMPG Merges With OLX Group and Raises $150 Million
OLX Group now owns 39% of EMPG.

Emerging Markets Property Group (EMPG), a leading property portal group in emerging markets has merged with OLX Group, Prosus’s global classifieds business. The merger deal is in place in Pakistan, Egypt, Lebanon and the UAE. The agreement includes a $150 million investment round, led by Netherlands-based OLX Group. EMPG’s existing shareholders also participated in the round.

“EMPG has grown by leaps and bounds since its founding, and Zameen has been a pivotal part of this journey. Reaching unicorn status is another great milestone, and it is a testament to the treasure trove of opportunities that the Pakistani tech ecosystem and the country’s real estate industry have to offerZeeshan Ali Khan, Co-Founder, EMPG

EMPG was founded in 2015 and is claimed to be valued at $1 billion after the transaction. The company runs property portals in different emerging markets. This includes Bayut in Dubai, Zameen in Pakistan, and Moroccan startup, Mubawab. After this deal, EMPG will also operate OLX’s platforms in Pakistan, Saudi Arabia, Bahrain, Kuwait, Qatar and Oman.

“EMPG has grown by leaps and bounds since its founding, and Zameen has been a pivotal part of this journey. Reaching unicorn status is another great milestone, and it is a testament to the treasure trove of opportunities that the Pakistani tech ecosystem and the country’s real estate industry have to offer” says EMPG Co-Founder and Zameen.com CEO, Zeeshan Ali Khan

As part of the deal, OLX Group will contribute its operations in four countries into EMPG. Additionally, OLX Group will become EMPG’s largest single shareholder, owning 39% of the company. 

“As EMPG’s largest shareholder, we’ll have a front seat to explore how we can scale their services model further – taking our ambition to shape the future of classifieds into its next stage.”Martin Scheepbouwer, CEO, OLX Group

EMPG will use the new capital to develop a range of new services, creating a more seamless user experience and enhancing data transparency. Also, it is deepening market intelligence for both consumers and business users. In Egypt and Lebanon, EMPG will operate the existing OLX platforms, rolling out new services for the real estate community. In Pakistan and the UAE, both groups’ platforms will operate under EMPG while continuing to operate through their local brands. 

The aggregated value of properties sold in these markets is estimated at $90 billion. As a result, it provides a commission pool for real estate agencies of over $2 billion per annum. This presents a great opportunity for EMPG to enhance its real estate services in these markets. 

Martin Scheepbouwer, CEO of OLX Group, says “As EMPG’s largest shareholder, we’ll have a front seat to explore how we can scale their services model further – taking our ambition to shape the future of classifieds into its next stage.”

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