The Emerging Markets Property Group, which owns classified portals Bayut and dubizzle in the UAE, has raised $200 million in funding and will now focus on preparing for an initial public offering “in the near future”.
The funding round was led by US-based growth equity fund Affinity Partners, with new funding from KCK, Acacia Partners and several other investors, including Prosus, which maintains its stake, EMPG said.
EMPG operates classified platforms across emerging markets, with a focus on the Mena region and South-East Asia. It is present in more than 50 cities.
While most of the investment is earmarked for the UAE, its largest market, EMPG said it would continue to remain focused on its core markets, which are already cash-flow positive and growing sustainably.
“With this round of investment, EMPG begins a new chapter in its success story,” said chief executive Imran Ali Khan.
“We are on track to double our revenue over the last 24 months while achieving an ebitda [[earnings before interest, taxes, depreciation and amortisation] 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.”
The company, which says it has more than 200 million monthly visitors, plans to invest significantly in its technology platforms to strengthen its product offering.
Citigroup Global Markets Limited (Citi) acted as its exclusive financial adviser and placement agent in the transaction, EMPG said.
In 2020, EMPG and Amsterdam-based OLX Group announced a merger of their businesses in the Mena region and in South Asia to create a company with assets worth Dh3.6 billion.
Dubai-based portals Bayut and dubizzle expanded last year, with 200 more people recruited.
“This strategic expansion in the UAE comes as part of the wider goals of Bayut & dubizzle’s parent company, EMPG, to attract the best professionals from the region,” the two companies said at the time.
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Dubai property prices: where they rose and fell — September 2022
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VILLA PRICES FROM CBRE: Palm Jumeirah: Dh3,597 per square foot — up 0.2 per cent in September, up 1.9 per cent in August, up 4.6 per cent in July, up 4.9 per cent in June, up 5 per cent a month in May, up 5 per cent in April. -
Emirates Hills: Dh2,255 per square foot — up 3.8 per cent in September, no change in August, up 0.3 per cent in July, up 3.3 per cent in June, up 1.8 per cent in May, up 1.8 per cent in April. Photo: Knight Frank -
Jumeirah: Dh2,137 per square foot — up 2.3 per cent in September, down 1.1 per cent in August, up 2.2 per cent in July, up 1.0 per cent in June, up 2.0 per cent in May, up 3.7 per cent in April. Sarah Dea / The National -
District One: Dh1,991 per square foot — up 2.4 per cent in September, down 2.1 per cent in August, up 2.2 per cent in July, up 4.1 per cent in June, up 2.3 per cent in May, down 0.9 per cent in April. Satish Kumar / The National -
Mohammed bin Rashid City: Dh1,661 per square foot — up 0.6 per cent in September, up 1.2 per cent in August, up 3.6 per cent in July, up 4.0 per cent in June, up 0.1 per cent in May, up 0.7 per cent in April. -
Dubai Hills: Dh1,552 per square foot — up 1.0 per cent in September, up 0.9 per cent in August, down 0.2 per cent in July, up 4.1 per cent in June, up 1.2 per cent in May, up 1.5 per cent in April. Photo: Emaar Malls Management -
The Meadows: Dh1,552 per square foot — up 1.2 per cent in September, up 1.5 per cent in August, up 2.5 per cent in July, up 0.9 per cent in June, up 1.6 per cent in May, down 0.5 per cent in April. Jeffrey E Biteng / The National -
The Lakes: Dh1,484 per square foot — down 1.1 per cent in September, up 1.3 per cent in August, up 1.3 per cent in July, up 1.6 per cent in June, up 1.2 per cent in May, up 1.0 per cent in April. Pawan Singh / The National -
Jumeirah Islands: Dh1,504 per square foot — up 2.9 per cent in September, down 3.7 per cent in August, down 0.1 per cent in July, up 3.6 per cent in June, up 0.9 per cent in May, up 2.5 per cent in April. Photo: Prestige Dubai -
Jumeirah Golf Estates: Dh1,498 per square foot — up 4.6 per cent in September, down 1.4 per cent in August, up 4.4 per cent in July, down 1.1 per cent in June, up 3.6 per cent in May, up 4.6 per cent in April. Pawan Singh / The National -
The Springs: Dh1,155 per square foot — up 1.0 per cent in September, down 0.4 per cent, up 3.9 per cent in July, up 0.8 per cent in June, up 1.8 per cent in May, up 2.1 per cent in April. Photo: Better Homes -
Arabian Ranches: Dh1,220 per square foot — up 1.4 per cent in September, up 0.8 per cent in August, down 2.5 per cent in July, up 1.7 per cent in June, up 0.7 per cent in May, up 3.7 per cent in April. Pawan Singh / The National -
Meydan City: Dh1,189 per square foot — up 0.4 per cent in September, up 0.6 per cent in August, down 0.4 per cent in July, up 1.3 per cent in June, up 0.9 per cent in May, up 0.9 per cent in April. -
Al Barari: Dh1,274 per square foot — up 2.9 per cent in September, up 2.2 per cent in August, up 3.5 per cent in July, up 3.0 per cent in June, down 0.7 per cent in May, up 4.9 per cent in April. Photo: Luxhabitat -
Jumeirah Park: Dh1,128 per square foot — down 1.9 per cent in September, up 0.4 per cent in August, up 0.4 per cent in July, up 3.8 per cent in June, up 0.2 per cent in May, up 0.8 per cent in April. Pawan Singh / The National -
Victory Heights: Dh1,093 per square foot — down 0.9 per cent in September, down 1.3 per cent in August, down 0.3 per cent in July, up 1.4 per cent in June, up 3.7 per cent in May, down 2.2 per cent in April. Photo: Luxhabitat -
Mudon: Dh1,021 per square foot — up 2.1 per cent in September, down 2.6 per cent in August, up 0.9 per cent in July, up 1.4 per cent in June, down 0.5 per cent in May, up 2.7 per cent in April. Satish Kumar / The National -
Jumeirah Village Triangle: Dh1,003 per square foot — up 0.4 per cent in September, up 0.7 per cent in August, down 0.1 per cent in July, up 3.7 per cent in June, down 0.2 per cent in May, up 2.3 per cent in April. Pawan Singh / The National -
Sustainable City: Dh970 per square foot — up 0.5 per cent in September, down 0.7 per cent in August, up 0.7 per cent in July, up 2.6 per cent in June, down 0.8 per cent in May, up 0.6 per cent in April. Antonie Robertson / The National -
Town Square: Dh811 per square foot — up 0.4 per cent in September, up 0.6 per cent in August, up 0.6 per cent in July, down 0.8 per cent in June, down 1.0 per cent in May, up 1.4 per cent in April. Satish Kumar / The National -
Living Legends: Dh860 per square foot — down 1.9 per cent in September, up 2.6 per cent in August, up 0.7 per cent in July, up 4.0 per cent in June, up 1.2 per cent in May. Pawan Singh / The National -
Jumeirah Village Circle: Dh612 per square foot — down 1.3 per cent in September, down 1.4 per cent in August, up 3.3 per cent in July, down 1.6 per cent in June, up 0.8 per cent in May, up 1.3 per cent in April. Antonie Robertson / The National -
Falconcity of Wonders: Dh749 per square foot — down 2.0 per cent in September, up 4.8 per cent in August, up 0.7 per cent in July, flat in June, down 2.5 per cent in May, up 1.6 per cent in April. Sarah Dea / The National -
Damac Hills 2: Dh602 per square foot — down 0.4 per cent in September, down 0.5 per cent in August, down 0.4 per cent in July, down 1.6 per cent in June, up 1.0 per cent in May, up 1.3 per cent in April. Photo: Allsopp & Allsopp
