To expand its operations in the emerging markets, Lamudi has raised $18 million for new investments, provided by Asia Pacific Internet Group, Holtzbrinck Ventures and Tengelmann Ventures.
This will help Lamudi expand its operations in Asia and Latin America, whereby its operations in Pakistan will also get tremendous benefits through this funding. Lamudi received the multi-million dollar investment after merging its businesses in the two regions, to form one company called Lamudi Global.
Lamudi.pk’s Country Director in Pakistan – Saad Arshed, said:
“Since the creation of Lamudi’s Foundation, our primary goal has been to build the biggest real estate platform in Pakistan.
The needs and insights of house-hunters in the country should not be undermined; as with the growing usage of internet and launch of 3G & 4G services, they are engaging more deeply, with the online sources of information and evaluations, to adopt the same methods that are already commonplace in developed markets like Europe and USA.”
He further added that;
“It is for this reason that we believe our product has resonated so strongly with property-seekers across Pakistan.
This significant injection of funds is a great vote of confidence in Lamudi.pk’s business model and speaks volumes about the booming real estate sector in the region and the demand that exists here for online property search.
We will use the investment to improve our product on both desktop and mobile, while quickly adapting to the changing trends of the consumers.”
In April, Lamudi received $7 million in funds from Tengelmann Ventures and other undisclosed investors, to boost its Asian operations. The company has more than 130,000 active property listings in Pakistan. It has also signed more than 1000 real estate agencies across Pakistan and has opened 8 offices in major cities, all over the country.
Launched by the German internet platform – Rocket Internet in October 2013, Lamudi is a global property portal operating exclusively in the emerging markets. Since its launch, the Berlin-based company has expanded to cover 32 countries in Asia, the Middle East, Africa and Latin America. Lamudi now hosts more than 550,000 property listings in Asia and Latin America alone.