Global investment firms TPG and KKR have invested additional S$300 million (approx.US$220 million) in Southeast Asia’s property technology (PropTech) company PropertyGuru Group as the largest shareholders.
The funding will accelerate PropertyGuru’s growth strategy across all key markets as the Group ramps up its investment to meet the rapidly evolving needs in the property ecosystem, said the PropTech company in a press release on Wednesday.
”Since its founding in 2007, PropertyGuru has secured its leadership by continuing to provide increasing value to all its customers and users. We have scaled rapidly across Southeast Asia by anticipating and addressing consumer needs with a data-driven strategy underpinned by a talented team of ‘Gurus’. 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. This increased support from TPG and KKR to accelerate growth is a great validation of the Group’s successful performance, its leadership team and their strategy to unlock the opportunities that will achieve the Group’s ambitions in the region,” said Olivier Lim, Chairman of the Board, PropertyGuru Group.
“Our strong financial performance over the last few years has enabled us to invest aggressively and smartly, to build what is today an integrated and differentiated technology platform that caters to the unique opportunities in Southeast Asian markets. The additional investments from TPG and KKR will enable us to continue building Southeast Asia’s property trust platform and accelerate our momentum in key markets like Malaysia and Vietnam,” said Hari V. Krishnan, Chief Executive Officer and Managing Director, PropertyGuru Group.