PropertyGuru laid off 174 (or 12%) of its employees last Thursday (February 13) following its acquisition and transition to private ownership by EQT Capital.
In a note published on the company’s website, PropertyGuru’s new executive chairman, Trevor Mather, said that the layoffs were part of the company’s efforts to streamline operations.
Moving forward, the company plans to refocus on its core real estate product, with any initiatives outside of this area being phased out or discontinued.
This includes PropertyGuru’s three business units, which are:
- Its data and software solutions unit;
- Sendhelper, which the company acquired in 2022 in a bid to enter home services, including cleaning and maintenance;
- and PropertyGuru Finance, its mortgage advisory unit.
Retrenched employees will receive a support package including a month’s salary per year of service capped at 12 months or statutory severance (whichever is higher), a goodwill payment of an additional month’s salary, and performance bonuses.
They will be able to retain their work laptops, and foreign staff will also receive up to three months of extended unpaid leave and repatriation assistance.
“This was a difficult decision, made after deep consideration of what’s necessary for our long-term growth and success,” said Mather.
As part of the company’s efforts to drive “long-term” growth, PropertyGuru will also be doubling down on its focus on maintaining its position in its core markets.
“To sharpen this focus, we will direct all our energy, resources, and talent towards our marketplaces in Singapore, Malaysia, Vietnam, and Thailand.”
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Featured Image Credit: PropertyGuru
