Lamudi receives new investment boost to grow operations
LAHORE: Emerging markets real estate network Lamudi has raised EUR 29 million (USD 31.4 million) in investment to grow its operations across Asia and Latin America. Three investors have backed the business: Asia Pacific Internet Group, which is a joint venture of Rocket Internet and Ooredoo; Holtzbrinck Ventures, a leading European venture capital investor; and current investor Tengelmann Ventures, a division of international multi-sector retailer Tengelmann Group.
Lamudi a global real estate portal, was launched in October 2013 by German Internet platform Rocket Internet. Since that time, the company has seen significant year on year growth and achieved market leadership in several countries. Lamudi operates exclusively in the emerging markets and is currently active in nine locations across Asia and Latin America (Philippines, Indonesia, Bangladesh, Myanmar, Sri Lanka, Mexico, Colombia and Peru. In February 2015, the venture received 16 million EUR in investment to boost its Latin American and Asian operations. A year later, an additional 29 million EUR will be invested in the business. Hanno Stegmann, CEO APACIG, states: "We are very happy with the development of Lamudi within our portfolio. The demand for great classifieds platforms across emerging and frontier markets in the APAC region is high. Lamudi has proven a strong capability to adapt to diverse markets and offer the best user experience. We are confident to see the business growing further." Lamudi Pakistan's Country Director, Saad Arshed said: "Our goal is to build the biggest real estate platform in Pakistan.