Southeast Asia’s leading property technology company (proptech) PropertyGuru has raised around $220 million in a fresh funding round to expand its presence in the Southeast Asian real estate market, the media reported.
The funding will be provided by PropertyGuru’s existing investors such as KKR and TPG.
The proptech company currently operates in Singapore, Thailand, Indonesia, Vietnam and Malaysia, where it operates real estate portals.
Since its inception in 2007, PropertyGuru has established itself as a leading player in Southeast Asia’s real estate market, currently holding a market share of 57 percent.
The company reported an impressive 27 percent revenue growth in 2019.
In recent times, online realtors have been making aggressive expansion in Southeast Asia as the region becomes an attractive destination for real estate investors who want to tap the region’s relatively low investment threshold and high rental yield.
PropertyGuru chief executive Hari V. Krishnan said in a statement, “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.”
With regard to the latest funding, Olivier Lim, Chairman of the Board at PropertyGuru Group told the media, “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.”
According to reports, around 24.5 users visit the company’s portals to find suitable homes.