PropertyGuru logs 24% revenue jump, but warns of slow growth amid pandemic

Singapore-based online property portal PropertyGuru saw a 24% increase in revenue last year, marking its fourth straight year of growth.

In an interview with Bloomberg, PropertyGuru CEO Hari Krishnan attributed the result to a surge in regional wealth. However, he expects the growth to start slowing down amid the Covid-19 pandemic.

ProprtyGuru CEO Hari Krishnan / Photo credit: Henzy David / Tech in Asia

“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, adding that it would be difficult for the company to deliver results similar to what it’s been recording since 2017.

Last year, PropertyGuru grew its revenue to S$88.4 million (US$62.4 million), which exceeds the S$85.6 million (US$60.4 million) it forecasted in its now withdrawn IPO prospectus. In the prospectus, the company also said that it made US$28.6 million in the first half of 2019, up from US$18.6 million in the same period the year before.

Back in October 2019, PropertyGuru had announced its plans to go public in Australia, initially targeting to raise US$257 million. It later shelved its IPO plans amid market uncertainty at the time.

During his interview with Bloomberg, Krishnan said that it’s unclear when PropertyGuru will take another crack at listing its shares, especially given the economic uncertainty brought by Covid-19.

Launched in 2007, PropertyGuru is a property major in Southeast Asia, claiming to have over 75% market share in Singapore. It also has operations in Malaysia, Thailand, Indonesia, and Vietnam. The company also recently launched PropertyGuru Finance, an online marketplace that offers a suite of digital home financing services.