Australian online classifieds marketplace Digital Classifieds Group (DCG) is poised to acquire Lamudi’s online property marketplaces in the Philippines and Indonesia for an undisclosed amount.
DCG acquired the Lamudi assets from dubizzle Group (formerly EMPG) as part of the Australian firm’s Asian expansion ahead of a potential ASX listing.
Lamudi was founded in 2013, initially focusing on building dominant property classifieds in frontier markets. However, it has shifted from advertising to transaction-based business models to accelerate revenue and growth in recent years.
In the Philippines, Lamudi claims to be the leading online real estate platform, offering sellers, buyers, and renters a secure and easy-to-use platform to find or list their properties online. The Philippine platform has over 160,000 listings.
It connects developers, real estate agents, and private owners with property seekers to help individuals find houses, condominiums, lots, or commercial property for personal use or investment purposes.
The acquisition follows DCG’s takeover of Bangladeshi portal, Bproperty, in January 2023. The consolidated group now operates real estate portals in five high-growth Asian markets, including Indonesia, the Philippines, Bangladesh, Cambodia, and Papua New Guinea.
Lamudi, under the stewardship of the dubizzle Group and the management team, have created dominant classifieds and transactional property marketplaces in two of Asia’s most exciting markets: Indonesia and the Philippines, said DCG Group CEO Mathew Care.
South East Asia is expected to grow strongly in the next 5-10 years to become a leading region globally.
“Our vision is to build a market leading classifieds group in South East Asia, a region of incredible opportunities, and this acquisition is a catalyst to delivering this vision,” Care added.
Lamudi, which was founded in 2013 with the backing of Rocket Internet, was available in 34 countries across the world at its peak. In 2020, Emerging Markets Property Group (now dubizzle Group) acquired Lamudi Global and expanded the marketplaces to the Philippines, Indonesia, and Mexico.