Business

Zameen, Bayut close $20 million investment round

Zameen.com has become Pakistan’s first technology company to raise $20 million from investors in 2016. This incredible because in the past 14 months, 22 Pakistani startups together raised about $49 million, and Zameen.com raised about half of it as one company. It also closed two investment deals worth $29 million in the last two months.

The series C funding round was closed by Emerging Markets Property Group (EMPG) which controls Pakistan’s Zameen.com and the UAE’s Bayut.com with a $20 million investment from one of its current investors, a fund which focuses on frontier and emerging markets with over US$ 1 billion in assets under management. This means that EMPG secured a Series B funding of $9 billion.

Imran Ali Khan, Co-Founder and CEO, said that this investment would allow Zameen to expand across the region:

This sizeable funding will be distributed between our operations in Pakistan and UAE, as well as providing significant capital for the group to launch well-funded ventures in Bangladesh and the Middle East. Before stepping into these new markets, we have made sure to conduct extremely thorough research into all the relevant socio-cultural and economic aspects. Our aim is to completely own the real estate space in both of these markets, so it was very important for us to go in with the right strategy and ample funds to do that quickly and efficiently.

Khan briefly hinted that this investment would also be used to develop its technology platforms further and acquire innovative companies.

With a total of 3.4 million monthly visits to its websites, field presence across 30 cities, over 9,000 real estate agencies on board, and a team of 500 employees, EMPG has fast become a regional powerhouse. So if you are a fresh graduate in Pakistan, Zameen.com is the place you got to work.

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