Southeast Asia’s leading belonging enumerate busines PropertyGuru is realizing great strides across the region as it ensures a fresh investment of SG $300 million ($ 220 million ), it announced this week.
The advances, financed by existing investors KKR and TPG, both buyout titans, will fuel PropertyGuru’s already grandiose thrust across its main busines Singapore, Thailand, Indonesia, Vietnam and Malaysia, where it operates country-specific real estate portals.
The private funding arrived almost a year after the online realtor pulled its plan to index on the Australian Stock Exchange. The fellowship, launched in 2007, was reportedly aiming to raise up to $ 275 million at the time. And it has been nearly two years since the conglomerate raised $ 144 million from KKR.
Growth has been encouraging for PropertyGuru in 2019, with a 24% year-over-year revenue growth that beat its own outlooks. The firm calls itself Southeast Asia’s largest player, but it’s up against some colossal opponents, including a seam enterprise set up by close antagonists 99. co and iProperty last year. 99. co is itself backed by prominent investors like Facebook co-founder Eduardo Saverin, Sequoia Capital and East Ventures.
Online realtors have been making aggressive expansion in Southeast Asia as the region becomes an enticing destination for real estate investors who want to tap the region’s relatively low asset threshold and high rental relent. Numerous come from neighbour China, which has reined in property speculation in recent years.
PropertyGuru has impeded itself busy in 2020 so far, launching a mortgage marketplace in Singapore and a virtual walkthrough peculiarity for private developers as well as seekers at a time when traveling is hazardous or unattainable. Every month, 24.5 million dimension seekers use the company’s various produces to find residences, which digit 2.7 million across the region at the time of its recent funding news.
” Our strong fiscal action over the last few years has enabled us to invest aggressively and smartly, to build what is today an integral and distinguished engineering pulpit that gratifies to the unique the chance of Southeast Asian marketplaces ,” chief executive Hari V. Krishnan said in a statement.
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