In largest startup investment in SEA since Covid-19 hit, PropertyGuru raises additional US$220mil from TPG and KKR
By Digital News Asia September 7, 2020
- Funding to be invested in strategic area of growth, including mortgage marketplace
- Increased support from TPG and KKR validation of Group’s successful performance
In what is the largest funding round raised by a startup in Southeast Asia since the Covid-19 pandemic hit the region, Singapore-based Southeast Asian proptech company PropertyGuru announced last week that it has received an additional investment of US$220 million (RM913 million) in funding from global investment firms TPG and KKR (via KKR Asian Fund III).
The funding will be used to accelerate PropertyGuru’s growth strategy across all key markets, which comes as the company ramps up its investment to meet the evolving needs in the property ecosystem.
PropertyGuru will further invest in identified strategic areas of growth, including its mortgage marketplace launched this year called PropertyGuru Finance; end-to-end sales enablement solution for property developers, PropertyGuru FastKey; and data capabilities to empower property seekers across Southeast Asia.
This investment follows what PropertyGuru notes as an “extraordinary time” where it has recorded 24% year-on-year revenue growth and claims to lead Southeast Asia with a 57% market share. “Since its founding in 2007, PropertyGuru has secured its leadership by continuing to provide increasing value to all its customers and users. We have scaled rapidly across Southeast Asia by anticipating and addressing consumer needs with a data-driven strategy underpinned by a talented team of ‘Gurus’,” says Olivier Lim (pic), PropertyGuru’s chairman.
“This year, amidst the changing business realities, the demonstrable strength of our platforms has solidified our relative market leadership and provides new opportunities to accelerate both organic and inorganic growth with new investments. This increased support from TPG and KKR to accelerate growth is a great validation of the Group’s successful performance, its leadership team and their strategy to unlock the opportunities that will achieve the Group’s ambitions in the region,” he adds,
PropertyGuru Group CEO and managing director Hari V. Krishnan adds: “Our strong financial performance over the last few years has enabled us to invest aggressively and smartly, to build what is today an integrated and differentiated technology platform that caters to the unique opportunities in Southeast Asian markets.
“The additional investments from TPG and KKR will enable us to continue building Southeast Asia’s property trust platform, and accelerate our momentum in key markets like Malaysia and Vietnam.”
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