Sunday Dec 15, 2024
Sunday Dec 15, 2024
Monday, 7 September 2020 00:00 - - {{hitsCtrl.values.hits}}
PropertyGuru Group announced last week that it has received an additional investment of S$ 300 million from TPG and KKR (via KKR Asian Fund III).
Global investment firms TPG and KKR are long-standing shareholders of the Group and have invested in PropertyGuru for the past five and two years respectively.
PropertyGuru is Southeast Asia’s leading PropTech company and the market leader in not just Singapore, but Malaysia, Vietnam, Thailand and Indonesia as well, boasting a 57% market share in the region. Over the past year, the Group delivered a 24% year-on-year revenue growth, beating initial 2019 forecasts. This is their fourth consecutive year of high growth amid tough real estate markets.
PropertyGuru Group’s strong business momentum and financial performance has solidified its market leadership, and the recent funding will help the Group to pursue new growth opportunities, including those revealed by the accelerated digital transformation in current times.
PropertyGuru Group Chairman of the Board Olivier Lim said, “This increased support from TPG and KKR to accelerate growth is a great validation of the Group’s successful performance, its leadership team and their strategy to unlock the opportunities that will achieve the Group’s ambitions in the region.”
The investment will go towards the company’s growth strategy to meet the rapidly evolving needs of the property ecosystem, and empower property seekers to find, finance and own their homes. PropertyGuru has identified strategic areas of growth, which include its mortgage marketplace PropertyGuru Finance, as well as PropertyGuru FastKey, which is an end-to-end sale enablement solution for property developers.
PropertyGuru Group Chief Executive Officer and Managing Director Hari V. Krishnan 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. 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. Over the last 13 years we helped create the PropTech industry in this region, and as the market leader we look forward to providing further innovations to digitise the property sector.”
