Lahore: Emerging Markets Property Group (EMPG), the parent company of Zameen.com, has achieved unicorn status by announcing its merger with OLX Group; leading to a joining of interests in Pakistan, the United Arab Emirates (UAE), Egypt, and Lebanon, according to news sources.
EMPG is a transnational enterprise with diversified business interests in Gulf Cooperation Council (GCC) countries, Pakistan, Thailand, Bangladesh, Morocco, and Tunisia; mediated by a series of very popular local property portals. The OLX Group (OnLine Exchange) is a subsidiary of Prosus – the largest consumer internet firm in Europe.
The merger involves a USD 150 million investment round headed by the OLX Group; following which EMPG is estimated to register a valuation of USD 1 billion. Further, the deal has solidified OLX Group’s position as the single largest EMPG shareholder with 39% shares; with the former set to contribute its cultivated operational acumen and processes in the four countries mentioned for joint working with EMPG.
EMPG has expressed its intention to utilise the additional capital gained through this collaboration to introduce new services, a more seamless user experience, improve digital transparency, and extend market intelligence to discover greater business user and consumer insights.
Commenting on this development, CEO EMPG Imran Ali Khan said, “EMPG has grown at a tremendous pace since its inception. Our unique ability to scale using our proprietary tech has aided and enabled this expansion. This deal puts us one step further in our journey towards providing solutions in multiple markets to over a billion consumers around the world, expanding our classifieds offering significantly.”
CEO OLX Group Martin Scheepbouwer said, “I’m proud of what we have built-in these four markets. Our brands are household names, and currently help tens of millions of people to exchange goods and services every month. The next phase is an exciting one, with EMPG’s real estate industry expertise helping deepen the customer experience. As EMPG’s largest shareholder, we’ll have a front seat to explore how we can scale their services model further – taking our ambition to shape the future of classifieds into its next stage.”
Co-Founder EMPG and CEO Zameen.com Zeeshan Ali Khan said, “EMPG has grown by leaps and bounds since its founding, and Zameen has been a pivotal part of this journey. Reaching unicorn status is another great milestone, and it is a testament to the treasure trove of opportunities that the Pakistani tech ecosystem and the country’s real estate industry have to offer. I am happy to see the increasing global interest in Pakistan, and with the wealth of talent here, I am sure many more success stories await.”
Hazafa reveres the art of writing and has been turned into a property enthusiast by profession. Her daily survival kit includes; tea, coffee, keyboard and paperbacks.
