Dubai-based online classified group Emerging Markets Property Group (EMPG) last week announced that it has acquired Thai’s largest online marketplace Kaidee. The move came with an objective of EMPG to foray into the Southeast Asia market. The financial details of the acquisition deal are not disclosed yet.
Commenting over the deal, Imran Ali Khan, CEO of EMPG, who has now joined Kaidee’s board of directors in a statement said,
“Thailand is one of the most exciting, dynamic markets in Southeast Asia, and its real estate and auto verticals are some of the largest in the region,”
Adding to that, Zeeshan Ali Khan, co-founder of EMPG and CEO of Zameen.com (EMPG’s Pakistan-based property portal) said,
“This acquisition comes with a number of opportunities to learn and grow for both parties, and capitalising on them will be very important,”
Kaidee was founded in 2011 by Tiwa York, it offers an inventory of both new and second-hand goods and services across 30 categories and claims to have a user base of 7 million, and expecting to reach 10 million by the end of this year – according to various media reports.
The Dubai headquartered EMPG that operates a number of real estate portals in MENA (Middle East & North Africa) and South Asia regions including Mubawab (Morocco); Jumia House, that operates in Morocco, Tunisia, Algeria, Qatar, Bahrain and Oman; Bayut (UAE); Zameen.com (Pakistan); and Bproperty (Bangladesh).
The real estate giant in a statement said that the acquisition of Kaidee will help EMPG accelerate its plans and growth across numerous verticles across Thailand.
EMPG last year raised $100 million in a Series D round led by KCK Group to expand into diverse domains including life sciences, energy and industrial technologies. EMPG acquired Mubawab in 2018 and injected $7 million in it in January 2020. Mubawab acquired Jumia’s property portal, Jumia House, back in June 2019.