Bayut

Bayut is a UAE-based property website and a part of the Emerging Markets Property Group that hosts real estate listings for residential and commercial properties across the UAE's seven emirates.[1]

Bayut
Type of site
Online property portal
Available inEnglish, Arabic
Founded2008
HeadquartersDubai, United Arab Emirates
Founder(s)Zeeshan Ali Khan
Imran Ali Khan
CEOHaider Ali Khan
IndustryReal Estate & Internet Marketing
Employees200+
ParentEmerging Markets Property Group (EMPG)

History

Bayut was founded in 2008 by the brothers Zeeshan and Imran Ali Khan, following their launch of Zameen.com in Pakistan.[2] Their elder brother, Haider Ali Khan, became company CEO in 2014, and began an investment drive.[3]

After Bayut parent company EMPG raised substantial funds of $100 million in early 2019, led by KCK Group, a Californian investment company[4] Bayut acquired the Middle East assets of Lamudi,[5] which operated in the UAE, Saudi Arabia and Jordan,[6] and itself expanded into Saudi Arabia.[7] The same year, Chris Hemsworth starred in a Bayut commercial.[8]

In April 2020, EMPG and the Netherlands-based OLX Group announced a merger of their businesses in the UAE, Egypt, Lebanon, Saudi Arabia, Kuwait, Qatar, Bahrain, Pakistan and Oman, together with the OLX-owned Dubai-based classifieds website, Dubizzle.[9][10] In May 2020, EMPG further acquired Lamudi Global, with assets in the Philippines, Mexico and Indonesia.[11]

Investment

Bayut is one of the GCC region's most well-funded tech startup companies. Its parent company, Emerging Markets Property Group, has raised a total of $310 million over several investment rounds. They were backed seasoned investors such as KCK Group and Exor Seeds, fuelling Bayut's expansion and growth in the Middle East.[12] In April 2020, EMPG raised $150 million in its latest investment round, taking the group's valuation to $1 billion.[13]

References
  1. "Bayut continues on a steady upward trajectory with record-breaking traffic of over 3 Million sessions recorded in October 2019". Construction Business News Middle East. 2019-11-28. Retrieved 2020-08-17.
  2. "Entrepreneur of the Week: Haider Ali Khan of Bayut.com". ArabianBusiness.com. Retrieved 2020-09-18.
  3. "UAE's Bayut Secures Investment". Property Portal Watch. 7 January 2015. Retrieved 26 February 2015.
  4. "Property portal Bayut's parent company raises $100 million". The National. Retrieved 2020-08-17.
  5. "UAE's Bayut acquires real estate portal Lamudi". The National. Retrieved 2020-08-17.
  6. Nagraj, Aarti (2019-04-09). "UAE property portal Bayut buys Lamudi Middle East". Gulf Business. Retrieved 2020-08-17.
  7. "Dubai-based property portal Bayut expands to Saudi". MENAbytes. 2019-05-22. Retrieved 2020-08-17.
  8. "Chris Hemsworth stars in a new property advert filmed in Dubai". The National. Retrieved 2020-08-17.
  9. Godinho, Varun (2020-06-02). "EMPG and OLX Group merge MENA and South Asia operations to form $1bn Dubai-based tech company". Gulf Business. Retrieved 2020-08-17.
  10. Staff, Entrepreneur Middle East (2020-06-03). "EMPG and OLX Group, Owners Of Dubai-Based Bayut And Dubizzle Respectively, Merge To Form Unicorn Company". Entrepreneur. Retrieved 2020-08-17.
  11. "Bayut's parent company acquires property portals in Indonesia, Philippines and Mexico". The National. Retrieved 2020-08-17.
  12. "Bayut.com parent company closes $100m investment in latest funding round". ArabianBusiness.com. Retrieved 2020-08-17.
  13. "Property portal Bayut's parent company secures $150m investment". The National. Retrieved 2020-08-17.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.