LankaPropertyWeb acquires local unit of property site Lamudi

Fri Jan 4, 2019 - 6:33am UTC
LankaPropertyWeb

LankaPropertyWeb

4/1/2018 – LankaPropertyWeb, a property portal in Sri Lanka has announced the acquisition of lamudi.lk in an effort to establish itself as the leading property portal in the country.

No financial details were disclosed in the announcement, but this acquisition will include the lamudi.lk domain and its listings, plus the local operations of Lamudi Sri Lanka.

With the combined listings of the two sites, LankaPropertyWeb will have over 25,000 listed properties with more than half a million visits every month and more than 70,000 leads a month for advertisers.

The property portal also claims that it will now become the site for the largest collection of Sri Lankan property listings and be the de-facto website for anyone searching for property in the country.

LankaPropertyWeb saw a 61 percent increase in the number of leads generated between the previous two years and 54 percent of advertisers stated that they sold or rented their properties using the Sri Lankan website.

This acquisition comes just over a month after Lamudi received what is believed to be a substantial amount of fresh funding from new strategic investors, media, and digital classifieds firms Ringier AG and Axel Springer.

Backed by Rocket Internet, Lamudi.lk is the Sri Lankan site of Lamudi, a global online property portal that focuses exclusively on emerging markets. Lamudi launched its operations in the country in 2014 and had since then quickly rose to become a significant property platform in the country.

“With the exceptional growth we have experienced over the past decade, this acquisition is only a natural move. Our intent is to create a single destination for all things property in Sri Lanka and this acquisition helps us achieve that vision,” said the Founder and Managing Director of LankaPropertyWeb Daham Gunaratna.

“Our prime motive is to help property seekers find their property fast and for property sellers and landlords to find buyers and tenants quickly with minimum cost. This is what we have been doing successfully for the past 12 years and will continue to enhance in the future. This acquisition now means all agents, developers, and individuals who advertise with us are now able to receive more leads and buyers and renters have more options to choose from,” Gunaratna added.

Following the acquisition, LankaPropertyWeb said it aims to expand its reach and property portfolio to provide improved services to property buyers, sellers, renters and real estate agents.

In 2019, LankaPropertyWeb is expected to see a significant growth through the facilitation of sales and marketing of new developments by giving developers projects the best visibility both locally and with international investors and expats through partnership, overseas events and with the website’s natural international reach.

Enhancing the product to provide more tools and facilities for property seekers and sellers to easily list and find property will also be a key focus this year.

LankaPropertyWeb’s latest acquisition is expected to bring more value for advertisers of both sites as the combined visitor base will add more visibility for the ads and property seekers will benefit with the combined ads collection giving them more choices.

This news is published on Reuters.

Vivian Foo is a reporter who writes about Southeast Asia’s technology and startup space. The entry point which led her to write about the startup ecosystem was her fascination of the dot-com boom. She is taking a deep dive into how the entrepreneurial mindset works and hopes to share the insights, innovation, and stories of the startups with her readers.