PropertyGuru CEO Hari Krishnan
Singapore-headquartered PropertyGuru Group said today it has secured an additional investment of SGD300 million (US$220 million) in recent funding rounds by leading global investment firms global private equity giants TPG and KKR.
The proptech giant will use the funds to further invest in identified strategic areas of growth, including PropertyGuru Finance, its recently-launched mortgage marketplace, and PropertyGuru FastKey, an end-to-end sales enablement solution for property developers.
Hari Krishnan, CEO and Managing Director, PropertyGuru, said: “The additional investments from TPG and KKR will enable us to continue building Southeast Asia’s property trust platform and accelerate our momentum in key markets like Malaysia and Vietnam.”
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The realty-tech group had earlier raised US$144 million from KKR in October 2018.
Launched in 2007, PropertyGuru provides solution to resolve home-seekers’ pain-points using data and digital tools. This way, it aims to improve transparency in the property ecosystem for consumers, developers, and agent partners across Southeast Asia.
Over the decade, the group has expanded into multiple markets in the region with a portfolio of property portals, including Batdongsan.com.vn (Vietnam), DDproperty.com (Thailand), and Rumah.com and RumahDijual.com (both Indonesia).
The group claims it provides “the widest option of more than 2.7 million homes” and in-depth insights and solutions for property seekers in Singapore, Malaysia, Thailand, Indonesia and Vietnam.
It said the group recorded 24 per cent revenue growth y-o-y and continues to lead in Southeast Asia with 57 per cent market share.
Olivier Lim, Chairman of the Board, PropertyGuru Group, said: “We have scaled rapidly across Southeast Asia by anticipating and addressing consumer needs with a data-driven strategy, underpinned by a talented team of ‘Gurus.This year, amidst the changing business realities, the demonstrable strength of our platforms has solidified our relative market leadership and provides new opportunities to accelerate both organic and inorganic growth with new investments.”
In October last year, PropertyGuru had decided not to proceed with its proposed initial public offering (IPO) on the Australian Securities Exchange on account of the IPO market sentiments then.
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As behaviours adopted during the pandemic reshape consumer habits and preferences in a new normal, digital transformation is accelerated across sectors.
As per the latest report by Bain & Company and Facebook, nearly 70 per cent of Southeast Asians are expected to be digital consumers by the end of 2020.
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Image Credit: PropertyGuru
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