Dubizzle reaches $410 million in valuation

What's the Deal

Dubizzle reaches $410 million in valuation

Priya Wadhwa
What's the Deal
Published:
Dubizzle reaches $410 million in valuation
Home-grown SME is going from strength to strength.

Most of us are familiar with Dubizzle, the online classifieds website where you can purchase, sell and rent a variety of different second-hand items. Since 2013, Dubizzle has been owned for 51% by South African media firm Naspers, which also has a significant stake in Chinese technology giant Tencent. Recently, it was announced that Naspers had acquired the remaining 49 per cent stake for $190 million in April 2018, effectively valuing Dubizzle at roughly $410 million at the time of acquisition – the valuation is slightly lower than the $580 million dollar valuation that Souq.com received during its acquisition by US-based marketplace Amazon in 2017.

Naspers made the acquisition through one of its subsidiaries, called the OLX Group, but mentioned that Dubizzle would be run independent from the large conglomerate. "This step is a testament to the amazing decade Dubizzle had in this region," said Barry Judge, general manager at dubizzle UAE. "The co-founders also felt that Dubizzle is in good hands to move forward to continue its development under OLX Group." Learn more about the acquisition and Dubizzle’s strategy moving forward here.