Dubai: The online classifieds platform Dubizzle Group has today announced the sale of its Lamudi property portals in the Philippines and Indonesia to Australia-based Digital Classifieds Group.
“The divestment of its South-East Asian assets is aligned with Dubizzle Group's strategic objective to focus on the growth of its core business activities in GCC and Greater MENA markets,” the company said in a statement on Thursday
Dubizzle Group's flagship ventures, including Dubizzle and Bayut in the UAE and Egypt, as well as Zameen and OLX in Pakistan, are all market leaders in their geographies.
We will be focusing both our resources and expertise on these core markets, where we aim to continue our strong growth trajectory.
In 2020, the Company acquired OLX Group’s Greater MENA businesses, reaching a $1 billion valuation and unicorn status, and in 2022 raised $200 million in a Series E funding round led by US-based Affinity Partners.
“Having built a powerful and attractive platform in South-East Asia, we believe that this strategic divestment will allow us to concentrate our efforts on the immense potential of the GCC and MENA region, where we see compelling opportunities for the sustained and profitable growth of our businesses,” said Imran Ali Khan, Co-Founder and CEO of Dubizzle Group.
Lamudi was founded in 2013, initially focusing on the frontier markets property classifieds space and grew to become the #1 platform in several countries including Indonesia and the Philippines