Early PropertyGuru backers cut stakes following TPG, KKR investment

According to filings with the Accounting and Corporate Regulatory Authority (ACRA) of Singapore, TPG Asia VI SPV has become a new shareholder of the proptech startup. The documents were filed in September, when PropertyGuru raised roughly US$220 million from TPG and KKR.

Some of the startup’s previous investors, such as Kreatif Media Karya (KMK), Square Peg Capital, Vulpes Testudo Fund, and individual backers, have transferred their shares to TPG Asia VI SPV, as well as another vehicle listed as TPG Asia VI SF.

With the move, KMK no longer holds any share in PropertyGuru. KMK is the digital arm of Emtek.

A separate filing with the ACRA also showed that Square Peg co-founder Paul Bassat and partner Tushar Roy have stepped down as directors of PropertyGuru’s board.

“Our long-term investor Emtek has realized their investment and sold their entire stake in the business. Square Peg is no longer on the board, but continues to be invested in the business,” a PropertyGuru spokesperson told DealStreetAsia.