PropertyGuru raises US$144M from KKR | Digital Asia
Digital Asia News Update
The company also announced the full consolidation of the Vietnamese property portal Batdongsan.com.vn
PropertyGuru, the Singapore -based real estate portal, announced today it has raised S$200 million (US$144 million) from the global private equity firm KKR. The money will be used to improve technology and develop more products for its customers.
The company also announced it has fully purchased Vietnams’ leading property portal Batdongsan.com.vn and will be integrating it into the Group. The partnership originally started in 2016.
Batdongsan.com.vn has around 4 million users that generate 70 million monthly page views. The company also says 1 million new property listings are added every month.
The purchase adds one more brand to its portfolio in Southeast Asia. The company runs PropertyGuru in Singapore and Malaysia, DDProperty.com in Thailand, Rumah.com in Indonesia and now Batdongsan.com.vn.
“Today, we reinforce our commitment to Vietnam with the consolidation of Batdongsan. We look forward to making our regional expertise fully available to Vietnamese property seekers as well as to help the country’s real estate industry benefit from ASEAN integration,” said Hari V. Krishnan, the CEO of PropertyGuru in a statement.
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PropertyGuru claims to have a 55 per cent market share in Southeast Asia. Krishnan also said the company is profitable and is seeing revenue growth of 25 per cent year-on-year.
The money is coming from the KKR Fund II, which is meant to target high-growth technology companies. In Southeast Asia, the fund has also invested in Go-Jek and Voyager Innovations, a Philippines fintech company.
“With rapid online migration well underway across many industries, the PropertyGuru team, led by Hari V. Krishnan, has clearly established itself as the Southeast Asian champion in the online property space. We look forward to partnering with them to help take them to the next level,” said Ashish Shastry, the Member and Head of Southeast Asia for KKR in a statement.
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KKR will join the PropertyGuru board alongside TPG, Emtek and Square Peg Capital.
Copyright : Phuong Nguyen Duy
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