Southeast Asia’s main property itemizing firm PropertyGuru is making nice strides throughout the area because it secures a recent funding of SG$300 million ($220 million), it introduced this week.
The proceeds, financed by current buyers KKR and TPG, each buyout titans, will gasoline PropertyGuru’s already formidable push throughout its important market Singapore, Thailand, Indonesia, Vietnam and Malaysia, the place it operates country-specific actual property portals.
The non-public funding arrived nearly a yr after the net realtor pulled its plan to checklist on the Australian Stock Exchange. The firm, launched in 2007, was reportedly aiming to lift as much as $275 million on the time. And it has been practically two years because the agency raised $144 million from KKR.
Growth has been encouraging for PropertyGuru in 2019, with a 24% year-over-year income development that beat its personal forecasts. The firm calls itself Southeast Asia’s largest participant, but it surely’s up towards some formidable opponents, together with a three way partnership arrange by shut rivals 99.co and iProperty final yr. 99.co is itself backed by outstanding buyers like Facebook co-founder Eduardo Saverin, Sequoia Capital and East Ventures.
Online realtors have been making aggressive enlargement in Southeast Asia because the area turns into a sexy vacation spot for actual property buyers who need to faucet the area’s comparatively low funding threshold and excessive rental yield. Many come from neighboring China, which has reined in property hypothesis in recent times.
PropertyGuru has stored itself busy in 2020 to this point, launching a mortgage market in Singapore and a digital walkthrough function for property builders in addition to seekers at a time when touring is unsafe or unattainable. Every month, 24.5 million property seekers use the corporate’s numerous merchandise to seek out properties, which quantity 2.7 million throughout the area on the time of its newest funding information.
“Our robust monetary efficiency over the previous couple of years has enabled us to take a position aggressively and well, to construct what’s immediately an built-in and differentiated know-how platform that caters to the distinctive alternatives in Southeast Asian markets,” chief government Hari V. Krishnan mentioned in a press release.