Lamudi.co.id Acquires Property Business OLX Indonesia
Lamudi.co.id announced the acquisition of OLX Indonesia’s property business. Starting earlier this year, Lamudi.co.id’s line of business is fully operated. This strategy is part of Lamudi’s ambition to become the largest proptech in Indonesia.
For the record, Emerging Markets Property Group (EMPG), a property portal group from the Middle East, South Asia, and Southeast Asia announced its acquisition of Lamudi Global, a property portal group operating in Indonesia, the Philippines, and Mexico in May 2020.
A month earlier, EMPG also fully acquired OLX Group, which operates in MENA (Middle East and North Africa) and South Asia. This move successfully catapulted EMPG’s valuation into a unicorn, thanks to a $150 million infusion of funds obtained from the OLX Group and other stakeholders.
Through the acquisition of the property business OLX Indonesia, Lamudi.co.id now has more than 4.5 million unique visitors, 600 thousand new listings every month, and generates purchase interest of more than two million which will ensure high visibility from seller listings.
“This acquisition is a golden opportunity to continue to improve our services to the Indonesian people, especially in providing the most complete property options according to everyone’s needs,” said Lamudi.co.id CEO Mart Polman in an official statement, Wednesday (11/1).
Lamudi.co.id is always here for the people of Indonesia to provide the easiest and most trusted experience in finding a dream property.
Indonesia Becomes Priority Market
Lamudi’s founder Kian Moini said that Indonesia is a priority market for EMPG due to high confidence in the potential of the property market in Indonesia, Indonesia’s economic growth prospects in the future and also Lamudi’s potential in providing the best real estate solution services.
“This acquisition demonstrates our investment commitment in our vision of Indonesia, which is to provide the best real estate service experience and help Indonesians find a dream home,” he said.
OLX Group Indonesia CEO Johnny Widodo added that the merger of OLX’s property business with Lamudi.co.id will strengthen access to property for all potential homebuyers in Indonesia.
Johnny said that all interfaces and operations will run as usual without any changes, including other businesses that are still under OLX Indonesia.
On the OLX site, the company will share user account data with Lamudi.co.id. If you do not like and do not agree to the terms and conditions, the user can delete his account no later than January 18, 2022.
Lamudi.co.id first appeared in Indonesia in February 2014 and has employed more than 700 employees and continues to grow with plans to continue its expansion in the Indonesian property market.
Choose the Acquisition Step
This business acquisition step was previously also carried out by Lamudi’s closest competitor, namely 99 Group. Besides being practical and automatically, making it easier to become a player with the largest users. The selection of this strategy is also capital intensive.
Moreover, property searches are increasing in line with increasing digital adoption. Therefore, the more listings there are, the more visitors will find this property.
It is evident from data taken from SimilarWeb, 99.co has become the player with the highest visits in Indonesia for the last six months with an average visit of 19.97 million visits with an average of 1.26 minutes.
Then, followed by Rumah123 which received an average of 3.78 million visits with an average of 2.05 minutes and Lamudi.co.id with an average visit of 1.03 visits and an average duration of 3.30 minutes.
99 Group operates in Indonesia and Singapore. 99.co previously acquired Urbanindo, forming a joint venture with Real Estate Australia (REA).
REA has two property sites, namely iproperty.com.sg and Rumah123.com. 99 Group also acquired the Singapore Real Estate Exchange (SRX) in November 2020. SRX is a property platform and real estate data provider in Singapore.
This acquisition step is to add a collection of listings, information, and various tools to support the parent in providing value-added and competitive services to consumers and real estate professionals in the country.