Singapore based PropertyGuru Group, which runs real estate digital portals and mobile applications in Southeast Asia, announced that it has raised a US$200 million fresh funding from private equity firm KKR & Co as it is planning to expand its services to nearby regions.
PropertyGuru Group will utilize fresh funding to buy major stakes to acquire ownership of Vietnamese property portal Batdongsan.com.vn, wherein the company has already acquired stakes earlier, to expand in its fifth market. PropertyGuru has raised US$436.2 million including KKR’s funding so far, the company said.
Hari V Krishnan, CEO of the company said the firm is planning to expand mortgage-related services and more customized services to its customers for a better experience with the company. PropertyGuru was valued at US$500 million but is yet to receive a unicorn status.
It was set up in 2007 and claims to be increasing its profits in every financial year and emerged as profitable and cash-flow positive, with revenues growing by more than 25 percent year-on-year.
The company was started with objectives to provide services to those who want to invest in profitable property for better returns and make it more transparent for users. This App provides a list of nearby properties that are listed on the website for sale and allows users to view photos of homes and make comparisons.
KKR has recently disclosed that it has backed other technology start-up firms in Southeast Asia, including Indonesian ride-hailing firm Go-Jek and the Philippines’ Voyager Innovations, a digital payments firm.
Monetary valuation of last funding was S$175 million from US private equity firm TPG, Indonesian media company Emtek and venture capital firm Square Peg Capital which company secured in 2015. Krishnan disclosed that TPG and KKR investors have stakes of similar size in the company.
Whereas an initial public offering was an option for the company, Krishnan said such a move was not imminent and “definitely not in the next 6 months.”