PropertyGuru CEO Hari Krishnan onstage at Tech in Asia Singapore 2018 / Photo credit: Henzy David / Tech in Asia
Singapore-based real estate portal PropertyGuru has raised US$145 million in fresh funding from US private equity giant KKR.
PropertyGuru said the series D capital “bolsters [its] leadership in Southeast Asia” and will “continue to fuel investments in technology and bring solutions that benefit home seekers, real estate agents, and property developers.”
The property site also announced the “full consolidation” of Vietnamese counterpart Batdongsan – which it first invested in back in 2016 – into the PropertyGuru Group. In addition to Singapore, the group now covers four markets: Malaysia via PropertyGuru Malaysia, Indonesia via Rumah, Thailand via DDProperty, and Vietnam via Batdongsan.
PropertyGuru claims 55 percent market share across Southeast Asia as a whole. “Today the group is profitable, cash flow positive, and has revenues growing more than 25 percent year-on-year,” said CEO Hari Krishnan.
See: How Hari Krishnan has led PropertyGuru through talent churn, a lawsuit, and a reinvention
KKR invested out of its US$9.3 billion KKR Asian Fund III, which is targeting deals in “high-growth markets that the firm believes can benefit from a rapid increase in technology adoption.”
Other Southeast Asian startups to receive investment out of the fund include Indonesian ride-hailing giant Go-Jek and Philippine fintech company Voyager Innovations, which acquired Singapore’s PayWhere in 2015.
PropertyGuru’s existing investors include Emtek, Square Peg Capital, and TPG.
Currency converted from Singapore dollars. Rate: US$1 = S$1.39
Editing by Judith Balea and Eileen C. Ang
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