Source: Deal Street Asia
Dubai-based online classified group Emerging Markets Property Group (EMPG), parent company of Bayut, has acquired Thai online marketplace Kaidee, marking its foray into the Southeast Asia market. Financial terms of the deal were not disclosed.
Founded in 2011, Kaidee offers over 30 categories of both new and second-hand goods and services. The company claims to have seven million users and is expected to touch 10 million by the end of this year, according to a Bangkok Post report.
EMPG said in a statement that the acquisition will help the Bangkok-based unit to expedite its plans for providing solutions across all verticals in Thailand.
“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,” said Imran Ali Khan, CEO of EMPG, who now joins Kaidee’s board of directors.
“This acquisition comes with a number of opportunities to learn and grow for both parties, and capitalising on them will be very important,” added Zeeshan Ali Khan, co-founder of EMPG and CEO of Zameen.com, its Pakistan-based property portal.
Apart from Zameen, EMPG operates a spate of other classified portals in the Middle East and North Africa (MENA) and South Asia regions, including Bayut, Bproperty and Mubawab.