KL-based Frontier Digital Ventures moves into Myanmar with two investments
By Digital News Asia December 9, 2014
- Buys into country’s leading automotive and property websites
- Describes Myanmar as premier frontier market for digital opportunities
KUALA Lumpur-based investment firm Frontier Digital Ventures said it has made two key investments in Myanmar – online automobile website MyanmarCarsDB and online property website iMyanmarhouse.
With the largest untapped population in South-East Asia, and skyrocketing Internet penetration and mobile phone adoption, Myanmar is the world’s premier frontier market for digital opportunities, the company said in a statement.
A true mobile-first market, Myanmar’s Government recently announced it aims to make 80% of its 60 million people mobile phones users, as well as bring half the population online by 2016.
Norwegian telecom firm Telenor registered two million users just two months after opening its first store in Rangoon in September this year.
Qatar Telecom’s Ooredoo has also recorded millions of subscribers within months of launching in August 2014, Frontier Digital Ventures (FDV) said in a statement. Ooredoo anticipates that Myanmar will be its second largest market outside of Indonesia.
“Myanmar is the last untouched market in Asia. Frontier’s two investments in both the leading automotive site and leading property site ideally position us as Myanmar’s market emerges,” said cofounder and chief executive officer Shaun Di Gregorio (pic).
“We are actively working with the management teams of both companies to accelerate their growth and extend their market leadership.
“Our achievements in Myanmar, following closely on our recent investments in the No 1 property and automobile sites in Pakistan, are a perfect example of our goal to be the leading operator of online classifieds businesses in frontier markets worldwide,” he added.
MyanmarCarsDB.com, established in January 2012, was the first online automobile marketplace to connect car buyers and sellers in Myanmar, according to FDV. Today it has more than 40,000 cars listed.
It is the go-to source for car enthusiasts searching for classifieds, local car market news, local auto tax information and auto directory services throughout Myanmar.
iMyanamarHouse.com was launched in October 2013, and currently has over 31,000 properties listed for sale or rent, FDV said.
These latest investments once again re-affirm FDV’s commitment to becoming the leading operator of online classifieds businesses in frontier and pre-emerging markets, the company said.
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