Zameen.com’s Parent Group Raises $200 Million Funding to Expand Platform

EMPG, the Dubai-based unicorn that owns and operates Zameen.com in Pakistan, announced the closing of a $200 million investment round at a significantly higher valuation than its last round in 2020 when they were highlighted as a billion-dollar company.

The round was led by US-based growth equity fund Affinity Partners, with new funding from KCK, Acacia Partners, plus several other investors including Prosus, which maintains its stake. EMPG operates several leading online classifieds platforms across emerging markets focused on MENA, South and Southeast Asia.

According to an official press release, Citigroup Global Markets Limited (Citi) acted as the company’s exclusive financial advisor and placement agent in the transaction.

EMPG CEO Imran Ali Khan said, “With this round of investment, EMPG begins a new chapter in its success story. We are on track to double our revenue over the last 24 months while achieving an EBITDA positive position, and we look forward to continuing this strong growth trajectory With the successful closure of this round the company’s focus will now turn towards preparing for an IPO in the near future, which has always been part of our larger vision”.

Haider Khan, Head of EMPG MENA, said, “With the incoming funds, we aim to significantly invest in our tech platforms to further strengthen our product offering across the board to ensure that our users and customers are provided the best-in-class classifieds experience”.

The product offerings of EMPG are deeply rooted in the company’s technology platform and benefit from strong network effects. The company has made significant investments in its technological infrastructure, with its own tech centers employing over 500 engineers. EMPG stated that a significant portion of the new funds would be used to expand its proprietary and highly scalable technology platform.

The investment marks another significant step forward in EMPG’s journey to become the largest and most successful classifieds player in emerging markets. EMPG aims to maintain focus on its core markets, which are already cash-flow positive and growing steadily.

The majority of the investment would go to the UAE, the company’s largest market and home to the market-leading Bayut and dubizzle brands.