Singapore's PropertyGuru raises $175m, TPG among investors

SINGAPORE (REUTERS) - Singapore-based real estate portal PropertyGuru Group said it has raised S$175 million in funding and investors include US private equity firm TPG.

Founded in 2006, PropertyGuru also operates its property search websites in Malaysia, Thailand and Indonesia.

Other investors were Indonesian media company Emtek Group and Asia Pacific-based tech venture capital firm Square Peg Capital, PropertyGuru said in a statement.

It added that the transaction should close by mid-June, at which point representatives from the consortium will join PropertyGuru's board.

Other recent deals for online real estate portals in Asia include the purchase of a 20 per cent stake in TheEdgeProperty.com for an undisclosed amount by Singapore billionaire Peter Lim, according to local media.

Earlier this year, Google Inc's Google Capital unit invested an undisclosed sum in Indian website Commonfloor.com.