Asia Pacific-focused real estate and classifieds firm Digital Classifieds Group (DCG) announced on Tuesday that it has acquired the proptech player Lamudi from Dubizzle Group.
The acquisition includes Lamudi’s businesses in Indonesia and the Philippines and is expected to allow both companies to develop a digital ecosystem for long-term and comprehensive purposes, according to a statement.
The DCG Group can build a leading property and classifieds advertising group company in Southeast Asia following the acquisition, said its CEO Mathew Care in the statement.
Before the latest deal, Australia-based DCG had acquired the Bangladesh-based Bproperty in January 2023, expanding its geographical footprint, which also includes Indonesia, the Philippines, Cambodia, Thailand, and Papua New Guinea.
The acquisition also makes DCG the second-largest property portal in Asia with over 900 staff in its operational markets, it said.
The Indonesian proptech industry will see more consolidation going forward as companies seek to increase their scalability, Mart Polman, Lamudi Indonesia’s CEO had told DealStreetAsia earlier. “Over the past few years, there has been a lot of consolidation in the market, such as the acquisition of OLX Property by Lamudi Indonesia. I would not be surprised if, over the next few years, there is more consolidation in the market,” Polman had said.
In 2022, Lamudi purchased OLX Indonesia’s property business, a deal that added over 22 million users and 1.35 million property listings every month.
There are only three players in the proptech segment besides Lamudi Indonesia—Rumah.com, Rumah123.com, and Pinhome. Singapore’s 99.co acquired Rumah123.com in 2020. Rumah.com, on the other hand, is part of Singapore’s PropertyGuru which acquired Rumahdijual.com in 2015.
After November 2023, there will be only three players in the proptech segment in Indonesia as PropertyGuru plans to shut down Rumah.com.
Lamudi Indonesia had slashed the number of employees in several departments in July this year.
Founded in February 2014, Lamudi Indonesia was acquired by Dubizzle Group (earlier known as EMPG) in 2020.