Bayut.com parent company Emerging Markets Property Group (EMPG) has closed a $100 million investment in its latest – and largest – round of funding, the company has announced.
The round was led by investment fund KCK Group, in addition to eight other investors including Exor Seeds, which is affiliated with Exor, one of Europe’s largest diversified holding companies with a net asset value of more than $24 billion and a portfolio including Ferrari, Juventus FC and The Economist.
In addition to Bayut.com, EMPG owns and operates Zameen.com in Pakistan, Bproperty.com in Bangladesh and Mubawab.ma in Morocco.
“Bayut has enjoyed tremendous success over the last few years and this fundraising is a testament to our growth as an organization and a brand in the UAE,” said Bayut.com CEO Haider Ali Khan.
“With the fastest portal in the world and the most advanced technological platform, we look forward to further consolidating our position in the UAE in 2019 by providing best-in-class experience to our consumers and clients.”
Ali Khan added that the company is “very well equipped” to outpace its growth targets in 2019.
The group’s CEO, Imran Ali Khan, said the funds raised by EMPG will be used for acquisition and investment opportunities and technology development.
“EMPG has grown from strength to strength by adding value to real estate markets through our unique business models and bespoke technology platforms, and with the conclusion of this round we will be looking to expand our geographical footprint,” he added.For all the latest tech news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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