PropertyGuru shutters Rumah in Indonesia, SaaS offering FastKey

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Hari Krishnan, group CEO and managing director of PropertyGuru, said on Monday that the Singapore-based firm will shut down two of its businesses: online property portal Rumah in Indonesia and SaaS product FastKey in all its markets.

Rumah, which has been operating in Indonesia for more than a decade, will end operations on November 30. It will offer support and compensation to the 61 employees affected by the decision.

It’s the second-largest proptech platform in the archipelago based on traffic and engagement, according to SimilarWeb data, only lagging behind 99.co.

FastKey, which connects agents with over 500 developer projects across Southeast Asia, will honor commitments to existing customers before shuttering. FastKey will cease operating in Indonesia on July 31, 2024. Its Malaysia and Singapore units will follow suit on October 15, 2024.

These closures are part of PropertyGuru’s strategy to focus on its main businesses, which have proven to be scalable, Krishnan explained.

In the first quarter of financial year 2023, the company reported a 16% year-on-year jump in revenue – the lowest increase it has registered since Q1 2022.

See also: PropertyGuru looks past slowing revenue growth in Q1, talks up AI and M&A

These moves will not have a significant impact on the proptech firm’s full-year 2023 financial outlook and are necessary for its next phase of growth, Krishnan said.

PropertyGuru was established in 2007 and has grown to serve more than 40 million users monthly. Its total real estate listings has ballooned to 3.5 million.