Emerging Markets Property Group (EMPG), formerly Zamzama Property Group, which controls Pakistan’s Zameen.com and the UAE’s Bayut.com, has closed its Series C funding round with a $20 million investment from one of its current investors, a fund which focuses on frontier and emerging markets with over US$ 1 billion in assets under management.
The funding comes at the heels of a $9 million Series B round, which was announced in September 2015, bringing the total funds raised by the group in the last 6 months to $29 million.
Imran Ali Khan, Co-Founder and CEO, said the incoming investment would propel the group’s ambitious expansion goals within and across the region. “This sizeable funding will be distributed between our operations in Pakistan and UAE, as well as providing significant capital for the group to launch well-funded ventures in Bangladesh and the Middle East,” said Khan.
“Before stepping into these new markets, we have made sure to conduct extremely thorough research into all the relevant socio-cultural and economic aspects. Our aim is to completely own the real estate space in both of these markets, so it was very important for us to go in with the right strategy and ample funds to do that quickly and efficiently,” he added.
Khan also said that the investment would partly go into developing technology platforms further, as well as making acquisitions.
EMPG dominates the regional property portal industry by a wide margin – with a total of 3.4 million monthly visits to its websites, field presence across 30 cities, over 9,000 real estate agencies on board, and a team of 500 employees – leaving smaller competitors struggling to gain traction.
The group is led by the Ali Khan brothers as well as global property portal industry veterans Gilles Blanchard, Simon Baker and Roland Tripard.