Malaysia’s Catcha Group-backed online classified operator Frontier Digital Ventures (FDV) will inject $200,000 into Sri Lankan property portal LankaPropertyWeb in a bid to raise its stake from 37 per cent to 48 per cent.
In an announcement on Monday, FDV said, it will exercise its option to increase its ownership of LankaPropertyWeb, Sri Lanka’s leading property website.
“The cash injection will provide LankaPropertyWeb with additional funds to cement it’s market leader position in Sri Lanka,” said FDV without specifically noting the use of additional funds from FDV.
FDV mostly partners local entrepreneurs running market leading online classifieds businesses in frontier markets, and applies its management and operating expertise, as well as financial resources to accelerate the growth and leadership position of each operating company.
As each business grows, FDV looks to increase its equity stake. In case of LankaPropertyWeb, the portal grew the total leads to over 72 thousand, from just 3,000 in December 2015. Total listings have also increased by 80 per cent since December 2015, according to FDV.
FDV currently has 16 portfolio companies in its kitty across 19 markets within Africa, Pakistan, Sri Lanka and Myanmar. In Pakistan, it is Zameen.com, Panama-based Encuentra24.com, Nigera’s ToLet.com.ng or Carwangu.com, an automotive portal based in DR Congo.
The Australian Stock Exchange listed-FDV had raised $21.7 million (AUD 30 million) in an oversubscribed listing in August last year.