PropertyGuru Group, the Singapore-based real estate marketplace backed by diversified conglomerate Emtek, raised S$300m ($220m) today from investment firm KKR’s Asian Fund III and private equity group TPG.
Founded in 2006, PropertyGuru runs an online real estate portal that spans Singapore, Indonesia, Malaysia, Vietnam and Thailand. It said today it has increased revenue 24% in the past year and will put the funding into pursuing its growth strategy.
The round comes 10 months after the company withdrew from an initial public offering slated to take place in Australia that was expected to raise approximately $257m.
KKR’s Asian Fund III also led PropertyGuru’s last round, a $145m series D in late 2018 that valued it at about $1bn. Emtek, TPG and Square Peg Capital had already provided $130m in a 2015 series C round that enabled telecommunications firm Deutsche Telekom’s e-commerce subsidiary, Scout24, to exit.
Scout24 had supplied $48m for PropertyGuru in 2012 in the form of series B funding, four years after the company received $850,000 in a series A round featuring Tigris Capital, Finn Evdemon Capital Partners, Upstream Ventures and Steven Diggle.
Hari V. Krishnan, PropertyGuru’s managing director and CEO, said: “We have identified as more consumers and customers move towards digital solutions for property buying and selling.
“Over the last 13 years we helped create the proptech industry in this region, and as the market leader we look forward to providing further innovations to digitise the property sector.”
