Today, the PropertyGuru Group announced that it has secured US$145 million in a Series D round of funding, led by global investment firm KKR.
This brings its total funding to date to S$436.2 million.
Said Hari V. Krishnan, Chief Executive Officer of PropertyGuru Group: “Backed by a decade of market leadership in Southeast Asia and delivering a record year for business performance – today the Group is profitable, cash flow positive and has revenues growing more than 25 percent year-on-year.”
“We are pleased to have KKR, a blue-chip tech investor, join our board, as we have ambitious plans for innovation and growth in the decade ahead.”
Ashish Shastry, Member & Head of Southeast Asia of KKR added, “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.”
The funds will be used by the Group to “fuel investments in technology and bring solutions that benefit home seekers, real estate agents and property developers”.
Earlier this year, the Group launched a brand refresh with revamped websites and mobile apps powered by Artificial Intelligence.
Today also sees the full consolidation of Vietnamese property portal Batdongsan.com.vn into the Group.
Said Lê Xuân Trường, Batdongsan Founder and Managing Director, “Batdongsan continues to be the market leader in Vietnam. We are proud of what we have achieved to date and are excited about the next phase of Batdongsan’s growth as it becomes part of Southeast Asia’s leading online property Group.”
“PropertyGuru brings the region’s best real estate opportunities and technology expertise and with these, we will better serve the needs of property seekers in one of the fastest growing property and digital markets of Southeast Asia.”
Added Hari, “We first invested in Batdongsan in 2016 and have been impressed with their very strong market leadership fuelled by delivering great value to the Vietnamese property sector. 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.”
The PropertyGuru Group is reported to currently have a 55% market share in the Southeast Asian market.