EMPG, which owns and operates Bayut and dubizzle in the UAE and Zameen.com in Pakistan, raised $200 million in an investment round led by US-based growth equity fund Affinity Partners, with new funding from KCK, Acacia Partners, plus several other investors including Prosus.
“With this round of investment, EMPG begins a new chapter in its success story. We are on track to double our revenue over the last 24 months while achieving an EBITDA 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,” Imran Ali Khan, EMPG’s CEO, said.
EMPG operates online classifieds platforms across emerging markets focused on MENA, South and Southeast Asia.
“With the incoming funds, we aim to significantly invest in our tech platforms to further strengthen our product offering across the board to ensure that our users and customers are provided the best-in-class classifieds experience,” he added.
Most of the investment would be mainly utilized for the UAE, the company’s largest market where it operates the Bayut and dubizzle brands. EMPG merged with OLX and the merger deal was is in place in Pakistan, Egypt, Lebanon, and the UAE. The agreement also included a $150 million investment round, led by the OLX Group.
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