Lamudi Bangladesh has now closed its Dhaka office. Its 30 employees have been paid for January. They will need to go through screening and interviews before being appointed by BProperty, a senior executive told the publication.
BProperty currently lists around 24,000 properties for sale and rent on its platform. It will now absorb Lamudi Bangladesh’s clients, which include at least 12 top developers.
The AIM Group reported that Zameen.com had secured $2.1 million to bring total investment in the site to at least $31 million U.S., in October 2016. Its investors include Kuala Lumpur-based Frontier Digital Ventures. The property vertical is one of the two highest–earning sites among the 11 in Frontier’s stable.
Founded in 2013, Lamudi is currently available in seven countries: Mexico, Colombia, and Peru in Latin America; and the Philippines, Bangladesh, Indonesia, and Sri Lanka in Asia.
The acquisitions followed undisclosed investments in Lamudi from Ringier AG and Axel Springer in Nov. 2018. “Most of the funding will be spent on growth, given the company’s comfortable financial situation and its clear path to breakeven,” CEO and co-founder Kian Moini (LinkedIn profile) said at the time.
Moini told the AIM Group earlier that the company would be “doubling down” on the Southeast Asian market.