PropertyGuru banks $220m from TPG, KKR

Singapore-based PropertyGuru said it has raised S$300 million (about US$220 million) in recent funding rounds from global investment firms TPG and KKR (through the KKR Asian Fund III).

PropertyGuru CEO Hari Krishnan / Photo credit: PropertyGuru

The investment comes as the regional proptech major logs 24% year-on-year growth in revenue, beating out its 2019 forecasts. In addition, the company also said it had accrued a 57% share in the market, citing SimilarWeb data, with its portfolio of property portals.

It currently operates PropertyGuru in Singapore and Malaysia, Batdongsan in Vietnam, DDproperty in Thailand, and Rumah and RumahDijual in Indonesia.

The startup said it plans to use the new funds to accelerate its growth across all of its key markets as it ramps up investment to meet the evolving needs of its users. PropertyGuru’s strategic areas of growth include its data capabilities, its recently launched mortgage marketplace PropertyGuru Finance, and its end-to-end sales enablement solution PropertyGuru FastKey.

“As behaviors adopted during the pandemic reshape consumer habits and preferences in a new normal, digital transformation is accelerated across sectors,” the company said in a statement. “The dynamic landscape is thus revealing new growth opportunities in PropertyGuru’s existing markets to enhance and expand offerings to consumers, property agents, and developers.”

In May of this year, it was reported that PropertyGuru grew its revenue to S$88.4 million in 2019, topping the company’s S$85.6 million projection in its withdrawn IPO prospectus.

In an interview with Bloomberg, however, Krishnan said he expects this growth to start slowing down due to the economic impacts of the Covid-19 pandemic. “We need to see how bad it gets in May and June before we really know how the whole year is going to play out,” Krishnan shared