PropertyGuru, the Southeast Asian proptech company, on Wednesday announced that it raised SGD 300 million (USD 220 million) in new funding led by the global investment firms TPG Capital and KKR & Co, via its KKR Asian Fund III.
“This increased support from TPG and KKR to accelerate growth is a great validation of our group’s successful performance,” said chairman Olivier Lim. “This year, amidst the changing business realities, the demonstrable strength of our platforms has solidified our relative market leadership and provides new opportunities to accelerate both organic and inorganic growth with new investments.”
Established in Singapore in 2007, PropertyGuru provides search platforms for property seekers, works with real estate agents to market their listings, and provides advertising, sales, and content solutions to property developers. The platform boasts 24.5 million monthly active property seekers across Singapore, Malaysia, Thailand, Indonesia, and Vietnam, which resulted in a 24% revenue increase last year.
CEO Hari V. Krishnan said that, with the investment, the company can accelerate its momentum in important markets like Malaysia and Vietnam.
The firm added a number of products this year, such as PropertyGuru Finance, a mortgage marketplace in Singapore. Southeast Asia recorded the second-highest amount of funding for proptech startups in Asia-Pacific, attracting USD 72.9 million in investment last year, up from USD 13.8 million in 2017.