Gilles Blanchard and Imran Ali Khan, the chairman and co-founder of Emerging Markets Property Group respectively, revealed on Sunday that they have collectively gotten Iranian property portal iHome in their personal capacity. Regards to the deal were not disclosed.
Emerging Markets Property Group is the moms and dad company of realty sites Zameen and Bayut with a concentration on Pakistan and the UAE.
It raised US$ 20 million in series C funding in January with the money earmarked for enthusiastic growth goals throughout South and Central Asia.
Zameen, the group’s flagship venture, was founded in 2006 and counts Patrick Grove s Catcha Group as one of its financiers. In 2014, the start-up revealed a concealed quantity in series A financing from Kuala Lumpur-headquartered Frontier Digital Ventures.
Gilles is a veteran in the classifieds industry after co-founding France s biggest property portal SeLoger in 1992, which was obtained by German Publisher Axel Springer for US$ 846 million in 2011. He will use up the function of Chairman of iHome.
This is a familiar circumstance, one that we have actually dealt with several times in the past, which is why we feel really confident and are certain about success in Iran, stated Gilles.
Iran is a market with tremendous chance. Our team believe in businesses being run in your area and in paying attention to the regional milieu. With that in mind, we are well into the procedure of building the strongest team in the nation’s tech market, explained Imran.
The Pakistan-born web business owner added that iHome’s group had been reinforced to 40 people. It would now be led by co-founder and CEO Mohammad Hossein Rafatnejad and based from the capital, Tehran.
We are getting ready to take this market by storm, stated Hossein in an emailed statement. Despite years of debilitating sanctions, which were just partly raised just recently, Iran boasts a remarkable web penetration rate of 57.2 per cent.
The country has nearly 47 million online users with over one-third transacting online on a monthly basis. Digikala, Iran’s leading ecommerce website, uses over 900 people and is valued at approximately US$ 150 million with 80 percent share of the online retail space.