PropertyGuru raises $300 million from existing backers to expand in South-east Asia

Launched in 2007, PropertyGuru is based in Singapore and also operates in Vietnam, Thailand, Malaysia and Indonesia. PHOTO: SCREENGRAB FROM PROPERTYGURU.COM.SG

SINGAPORE - PropertyGuru Group, the South-east Asia property technology company, has raised another $300 million from global investment giants TPG Capital and KKR, both of which are existing investors.

The funding will accelerate PropertyGuru's growth across South-east Asia as it "ramps up its investment to meet the rapidly evolving needs in the property ecosystem", said the company in a media release on Wednesday (Sept 2).

"The additional investments from TPG and KKR will enable us to continue building South-east Asia's property trust platform and accelerate our momentum in key markets like Malaysia and Vietnam," said chief executive and managing director Hari V. Krishnan.

"We help property seekers 'Find.Finance.Own' their home and these new investments will accelerate the growth plans we have identified as more consumers and customers move towards digital solutions for property buying and selling," he added.

The company scrapped plans for an initial public offering in Australia last year, citing market volatility. It was planning to raise as much as A$380.2 million (S$380.6 million) in the listing.

PropertyGuru added that the investment comes at "an extraordinary time".

It said the company has seen a 24 per cent year-on-year revenue growth and continues to lead in South-east Asia with 57 per cent market share.

Launched in 2007, PropertyGuru is based in Singapore and also operates in Vietnam, Thailand, Malaysia and Indonesia.

Chairman Olivier Lim said: "We have scaled rapidly across South-east 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."

The firm intends to expand PropertyGuru Finance, a mortgage marketplace launched this year; PropertyGuru FastKey, an end-to-end sales enablement solution for property developers; and improve its data capabilities to serve home buyers across the region.

One of the newer features in PropertyGuru FastKey is what is dubbed the StoryTeller, which allows 360-degree walk-throughs of a project, its units and the surrounding cityscape.

This allows property developers to start marketing their projects even before the construction of the physical sales galleries and show flats.

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