EMPG, the parent company of Zameen.com based in Dubai has announced to close the investment round after raising $200 million of funding. The seed was closed at a significantly higher valuation as compared to the last funding in 2020 when they were highlighted as a billion-dollar company.
The round was led by the US-based firm that works on growth equity fund affinity partners and new investments from KCK and Acacia Partners. There are several other investors that participated in the round including Prosus which maintains its stake. EMPG works in multiple leading online classified networks across emerging markets in the MENA region plus South and Southeast Asia.
According to the official press release, Citigroup Global Markets Limited (Citi) acts as the company’s major consultant for finance and also a placement agent in digital payments.
EMPG CEO Imran Ali Khan said, “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.”
Haider Khan, Head of EMPG MENA, said, “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.”
The current product offerings for EMPG are highly involved in the firm’s technology platform and will be taken advantage of by strong networks. The firm has made major funding in its tech infrastructure, creating its own tech centers that employ more than 500 engineers. EMPG stated that a prominent portion of new funds would be accessed for expanding the proprietary and highly scalable platform. From the total investment, a majority will go to the United Arab Emirates, the company’s largest industry and home of leading Bayut and Dubizzle brands.
