Naspers Fully Acquires Dubizzle, Buys Remaining 49% for $190 Million
The UAE-based e-commerce platform is now valued at $400 million.
Now that Dubizzle has been fully acquired by Naspers, a South Africa-based investor through its subsidiary OLX Group, for $190 million, the UAE-based e-commerce platform got valued at $400 million.
Naspers had held a 51 percent controlling stake since 2013, according to The National. However, Dubizzle says their independence won’t be touched following this acquisition.
This is part of a market growth campaign run by OLX Group, which already owns stakes in at least 16 other startups including another one in the UAE, Shedd and Egypt's Storia.
In 2013, Dubizzle’s co-founders stepped down from running daily operations after selling the 51 percent to Naspers for $120. Ever since, Dubizzle has acquired UAE-based startups Expat Wheels, Masterkey, Airlist and Wecashanycar and expanded operations in eight countries across the region.
Main Image: Courtesy of #MO4Productions.
Photographer: Rehab ElBehairy.
