PropertyGuru axes 174 employees, shuts 3 business units

Photo credit: PropertyGuru

PropertyGuru axed 12% of its employees on February 13, months after being taken private by investment firm EQT Capital.

In a note to employees, the new executive chairman, Trevor Mather, announced that 174 employees will be let go as the property platform seeks to streamline operations.

The layoffs are across PropertyGuru, and three business units – Sendhelper, PropertyGuru Finance, and the company’s data and software solutions – are shuttering.

PropertyGuru Finance deals with mortgage advisory, and property platform Sendhelper was acquired in October 2022.

Affected employees will receive a month’s salary per year of service (capped at 12 months) or statutory severance, whichever is higher. An additional month’s salary, as well as 2024 performance bonuses, will also be paid out.

Medical insurance and access to the employee assistance program will be extended to affected staff for three months. This includes access to a personal career consultant.

Visa and relocation support is being offered, with up to three months of extended unpaid leave, repatriation assistance, and support for early termination of rental leases.

This is part of PropertyGuru’s adjustments to prioritize its marketplace business. Corporate development and investor relations functions will be phased out as part of the firm’s transition to a private company.

PropertyGuru will focus on maintaining its position in its core markets, aiming to enhance the consumer and customer experience, and increase the value provided from the marketplace business. The company will also be concentrating on driving sustainable long-term growth.

“To sharpen this focus, we will direct all our energy, resources, and talent towards our marketplaces in Singapore, Malaysia, Vietnam, and Thailand,” said Mather.

As a result, PropertyGuru will be phasing out or discontinuing initiatives outside of its four core markets.

“This belief in marketplaces is why EQT invested in PropertyGuru and why our new board has come together. We are aligned in our vision for the company’s future success,” said Mather.

See also: Is PropertyGuru’s delisting good for SEA’s tech scene?