Now that Dubizzle has been fully acquired by Naspers, a South African investor through its subsidiary OLX Group, for $190 million, the UAE-based e-commerce platform has been valued at $400 million.

Naspers held a 51% controlling stake since 2013, according to The National. However, Dubizzle states that its independence will not be affected following this acquisition.

This is part of a market growth campaign run by OLX Group, which already holds 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% to Naspers for $120 million. Ever since, Dubizzle has acquired UAE-based startups Expat Wheels, Masterkey, Airlist and Wecashanycar and expanded operations in eight countries across the region.

Article source: Startup Scene