Southeast Asia’s leading residential or commercial property listing business PropertyGuru is making terrific strides across the area as it secures a fresh financial investment of SG$ 300 million ($220 million), it announced today.
The profits, funded by existing investors KKR and TPG, both buyout titans, will fuel PropertyGuru’s currently ambitious push across its primary market Singapore, Thailand, Indonesia, Vietnam and Malaysia, where it operates country-specific realty portals.
The private funding got here nearly a year after the online realtor pulled its plan to list on the Australian Stock Exchange. The company, introduced in 2007, was apparently aiming to raise approximately $275 million at the time. And it has actually been nearly two years since the firm raised $144 million from KKR.
Development has been motivating for PropertyGuru in 2019, with a 24% year-over-year profits growth that beat its own projections. The company calls itself Southeast Asia’s biggest gamer, but it’s up against some formidable challengers, consisting of a joint endeavor established by close competitors 99. co and iProperty in 2015. 99. co is itself backed by popular financiers like Facebook co-founder Eduardo Saverin, Sequoia Capital and East Ventures.
Online real estate agents have actually been making aggressive expansion in Southeast Asia as the area becomes an attractive destination for real estate financiers who want to tap the region’s fairly low investment limit and high rental yield. Numerous come from surrounding China, which has controlled residential or commercial property speculation recently.
PropertyGuru has actually kept itself busy in 2020 so far, introducing a home mortgage marketplace in Singapore and a virtual walkthrough feature for property designers as well as hunters at a time when traveling is unsafe or unattainable. Each month, 24.5 million residential or commercial property candidates utilize the business’s different products to discover houses, which number 2.7 million throughout the area at the time of its newest funding news.
“Our strong financial efficiency over the last couple of years has enabled us to invest aggressively and smartly, to build what is today an integrated and distinguished technology platform that caters to the unique opportunities in Southeast Asian markets,” chief executive Hari V. Krishnan stated in a statement.
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.