Rocket Internet‘s real estate classifieds platform Lamudi has raised $7 million of funding to expand operations further across Asia. The new round of funding for the regional power player comes from a range of investors including Tengelmann Ventures, the investment arm of German retailer Tengelmann Group.
The company hinted the new funding will be used to expand Asian operations, beefing up the existing ones in Pakistan, the Philippines, Indonesia, Myanmar and Bangladesh, as well as additional new markets. Currently it operates in 21 countries across Asia, Africa, the Middle East and South America.
Having shown tremendous growth in the last quarter, doubling the number of listings to over 200,000 in less than 4 months, Lamudi now expects to be the number one Asian real estate marketplace. Paul Philipp Hermann, co-founder of Lamudi, said in a press release, “The announcement of this substantial funding for our Asian operations is very welcome and will be crucial in helping us to make better and faster progress towards our goal of becoming the market leader in online property in Asia”
Although more than half of the listings originate from Asia that does not secure the company an easy win. PropertyGuru, iProperty and UrbanIndo are some of the local players with particular strengths across the continent, especially in India, Indonesia, Philippines, Thailand and Vietnam, and listing numbers are growing as fast as Lamudi’s.