It will increase its stake in leading Moroccan automotive portal to 49 per cent
Malaysia-based internet group Catcha Group is growing its investments in the African market. Today, it announced that its online classifieds portal Frontier Digital Ventures (FDV) will increase its shares in leading Moroccan automotive portal moteur.ma to 49 per cent through call option funding and acquiring vendor shares.
moteur.ma — which has logged over 764,000 site visits to date — will use the fresh investments to expand its presence in Morocco. FDV is expected to pay out the investment funds in October.
“moteur.ma is exceeding our Key Performance Indicators for growth in advertisers, increasing number of consumers visiting the website each month, and leads being generated from consumers to advertisers” said FDV’s Chief Executive Officer, Shaun Di Gregorio, in an official statement.
Last month, FDV raised AUD 30 million (US $22.9 million) through issuing of 60 million shares in an oversubscribed IPO.
Founded in 2014, the KL-based company has 15 online classifieds platform in its portfolio. These platforms collectively target a range of verticals including cars, property and general classifieds in 19 frontier and emerging markets such as Pakistan, Myanmar, Nigeria, Ghana and Morocco.
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Image credit: moteur.ma
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