PropertyGuru raises $300m to accelerate growth across S-E Asia

PropertyGuru Group has raised another $300 million from global investment giants TPG Capital and KKR, both of which are existing investors.

The funding will accelerate the property technology company's growth across South-east Asia as it "ramps up its investment to meet the rapidly evolving needs in the property ecosystem", the firm said in a media release yesterday.

Its chief executive and managing director Hari V. Krishnan said: "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."

He added: "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."

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$380.1 million) in the listing.

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

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

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

Its 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 company intends to expand PropertyGuru Finance, a mortgage marketplace launched this year, and PropertyGuru FastKey, an end-to-end sales enablement solution for property developers. It also seeks to 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.

It lets property developers begin marketing their projects even before the construction of the physical sales galleries and show-flats.

A version of this article appeared in the print edition of The Straits Times on September 03, 2020, with the headline 'PropertyGuru raises $300m to accelerate growth across S-E Asia'. Subscribe