The operator of major online classifieds platforms, EMPG, has raised Two Hundred Million US dollars ($200 Million) in an investment round. This tech company functions across emerging markets with targets in MENA (Middle East and North Africa), Southern and Southeast Asia.
EMPG owns major platforms across the MENA and especially dubizzle and Bayut in the UAE.
The latest round was led by Affinity Partners, a US-based fund for growth and equity. other investors who participated in the round include Acacia Partners, KCK, Prosus and other investors.
Commenting on this new feat, EMPG’s 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.”
He further 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 company intends to utilize the funds by expanding its major products. EMPG launched into Eygpt via a merger with OLX, which had OLX secure an investment round of One Hundred and Fifty Million US dollars ($150 million).