UAE-based property portal Bayut.com’s parent company, Emerging Markets Property Group (EMPG) closed a $50 million investment tranche of a larger fundraising round in a move to boost its future acquisitions. The company didn’t disclose names of its investors.
Emerging Markets Property Group (EMPG) is the parent company of several property portals across MENA and South Asia. It operates Bayut.com in the UAE, Zameen.com in Pakistan and Bproperty.com in Bangladesh. The company recently acquired Mubawab in Morocco.
According to Bayut.com’s CEO Haider Ali Khan, $25 million of the total funding raised will be positioned in the UAE for further acquisitions. The remaining funds will be used to strengthen the EMPG’s position in the other markets where it operates.
In previous fundraising, EMPG has received a total of $60 million in four rounds. The latest round of $50 million will bring the company’s total funding to $110 million. The group—which has presence in 40 cities and employs 1,500 people—has four property portals which together bring over 2 million leads for their clients every month,
Commenting on the recent funding, EMPG Group CEO, Imran Ali Khan, said: “EMPG’s growth has been comprehensive across all metrics, on the back of some of the world’s most advanced digital real estate platforms developed by our R&D teams.”
EMPG recorded an annual growth rate of over 100% in the last five years. The group generates traffic of over 8 million visitors across its portals.