Lamudi.co.id to Acquire OLX Indonesia's Property Business

Lamudi.co.id announced the acquisition of OLX Indonesia's property business. Starting earlier this year, Lamudi.co.id has been fully operating the business line. This is part of Lamudi's ambition to become the largest proptech in Indonesia.

For the record, Emerging Markets Property Group (EMPG), a property portal group from the Middle East, South Asia, and Southeast Asia announced the acquisition of Lamudi Global, a property group which operation covers Indonesia, the Philippines and Mexico in May 2020.

A month earlier, EMPG was fully acquired the OLX Group, which operates in MENA (Middle East and North Africa) and South Asia. This move successfully catapulted EMPG's valuation into a unicorn due to a $150 million funding obtained from the OLX Group and other stakeholders.

Through the OLX Indonesia's property business acquisition, currently Lamudi.co.id has more than 4.5 million unique visitors, 600 thousand new listings every month, and generates purchase interest of more than two million which will ensure high visibility from seller listings.

“This acquisition is a golden opportunity to continue improving our services for Indonesians, especially in providing the most complete property options to suit everyone's demand. Lamudi.co.id is here for the Indonesian people to provide the easiest and most reliable experience in finding a dream property," Lamudi.co.id's CEO, Mart Polman said in an official statement, Wednesday (1/11).

Lamudi's founder, Kian Moini said that Indonesia is EMPG's priority market due to high confidence in Indonesia's market, with positive prospects for Indonesia's economic growth in the future and Lamudi's potential in providing the best real estate solution services.

"This acquisition demonstrates our commitment through our vision for Indonesia, which is to provide the best real estate service experience and help Indonesians find a dream home," he said.

OLX Group Indonesia's CEO, Johnny Widodo said that the merger of OLX's property business with Lamudi.co.id will strengthen access to property for all potential home buyers in Indonesia.

“We are proud of the OLX Indonesia's property business growth which trusted by millions of users, and we are confident that this business will bloom. Lamudi.co.id will strengthen the property search experience for all Indonesian property seekers," Johnny said.

He also mentioned that all interfaces and operations will not be changed, including other businesses under OLX Indonesia.

On the platform, the company will share user account data with Lamudi.co.id. Whether you're uncomfortable or dislike the terms and conditions, all users can delete their account on January 18, 2022 at the latest.

Lamudi.co.id first appeared in Indonesia in February 2014 with more than 700 employees and continues to grow with expansion plans to the Indonesian property market. They provide online end-to-end services in property search and become a liaison platform between property seekers and developers up to the transaction process, facilitated by the best technology to have seamles search experience.

In July 2020, OLX also announced the acquisition of a similar local player, BeliMobilGue. This move changed the use of the brand to OLX Autos Indonesia (OLX Autos), as well as appointed the chairman of BeliMobilGue Johnny Widodo as part of OLX Indonesia.

The acquisition

Lamudi's closest competitor, 99 Group, had previously make an acquisition act. Aside from being practical and automatically making it easier to become a player with the largest users, this is also capital intensive strategy. Moreover, property searches are rising due to increasing digital adoption. Therefore, the more property listed, the more visitors will find the property.

It is proven from the SimilarWeb data, 99.co has the highest visits in Indonesia for the last six months with an average visit of 19.97 million with an average of 1.26 minutes. Then, followed by Rumah123 which received an average of 3.78 million visits with an average of 2.05 minutes and Lamudi.co.id with 1.03 average visits and 3.30 minutes average duration.

99 Group operates in Indonesia and Singapore. 99.co previously acquired Urbanindo, forming a joint venture with Real Estate Australia (REA). REA has two property sites, including iproperty.com.sg and Rumah123.com. 99 Group also acquired the Singapore Real Estate Exchange (SRX) in November 2020.

SRX is a property platform and real estate data provider in Singapore. This acquisition act is to add a collection of listings, information, and various tools to support the parent in providing value added and competitive services to consumers and real estate professionals in the country.

–Original article is in Indonesian, translated by Kristin Siagian