Rocket Internet's Lamudi raises US$7M to boost operations in Asia
Real estate marketplace Lamudi will focus more on Asia’s emerging markets — Pakistan, the Philippines, Indonesia, Myanmar, Bangladesh — with new injection of fundsBy Elaine Huang 14 Apr, 2014
With almost US$7 million in its pockets, Rocket Internet‘s real estate listings platform Lamudi will be splurging on its Asian operations: Pakistan, the Philippines, Indonesia, Myanmar and Bangladesh.
According to an official release, the funds have come from “a range of investors”, which includes Tengelmann Ventures, the investment arm of German retailer Tengelmann Group. Currently, Lamudi operates across 21 countries, and saw more than 200,000 property listings put up last month globally.
Paul Philipp Hermann, Co-founder, Lamudi, said that the investment into Asia “will be crucial” in boosting efforts to become “the market leader in online property in Asia.”
In an interview with e27 earlier this year, Michiel Bakker, Country Manager (Myanmar) of Lamudi, noted how emerging markets will see a rapid shift from offline to online this year. In fact, investing in emerging markets is exactly Lamudi’s game plan.
Bakker added, “Being a first-mover and establishing infrastructure will certainly pay off in the long run.” While developed countries may offer more in terms of paying power, entering an emerging market will allow Lamudi to become a household name fast. Thus, by investing in the potential of emerging markets, Lamudi will reap the rewards when there is a growing middle class and influx of foreign spending.