You may or may not have heard of Rocket Internet. They are a German internet company headquartered in Berlin that build and fund online startups. In addition, they also own shares in numerous companies such as Dafiti, Foodpanda and HelloFresh. They even have a presence here in Sri Lanka with Carmudi and Lamudi.
Speaking of Lamudi, the international property gateway recently announced that that it acquired Philippine company MyProperty, though exact details as to how much has not been revealed yet. The acquisition will strengthen Lamudi’s market share in the Philippines, which has been under a lot of ficus by the company with regard to expansion.
As an example, MyProperty has 200,000 property listings in the Philippines, whereas Lamudi has around 90,000. This is key for Lamudi to stand their ground against competitors the likes of Property24 and Zipmatch.
The agreement of the deal is overall knowledge sharing between both companies and an overall improvement in service for customers searching for residencies to buy or rent online.
Kian Moini, Lamudi Group’s co-founder and managing director says the deal will consolidate the somewhat saturated market. As of now, the Philippine real estate sector has witnessed an increase in the number of online property portals employing a similar business model.
According to Jacqueline Van Den Ende, Managing director of Lamudi in the Philippines as there are a number of small players in the country’s housing and land market, this acquisition will help consolidate and also increase professionalization in the market.