Private equity major KKR invests $144m in PropertyGuru

PropertyGuru CEO Hari Krishnan at DEALSTREETASIA's Asia PE-VC Summit 2017 in Singapore.

Private equity major KKR has invested S$200 million ($144.25 million) in Singapore-headquartered property portal PropertyGuru via a Series D financing round, said the startup in an announcement today.

PropertyGuru, which claims to be profitable and cash flow positive, had previously raised funds three years ago. It closed a $125-million funding round in 2015 from Australia-based Square Peg Capital, private equity firm TPG and Emtek Group.

“This new investment is a great validation of the technology-driven growth that PropertyGuru has delivered. Backed by a decade of market leadership in Southeast Asia and delivering a record year for business performance – today the group is profitable, cash flow positive and has revenues growing more than 25 percent year-on-year,” said PropertyGuru CEO Hari V. Krishnan.

PropertyGuru currently operates in five markets – Singapore, Malaysia, Indonesia, Thailand and Vietnam. According to Similar Web, it has 55 per cent market share across Southeast Asia.

The company also announced it was taking full control of Vietnam’s Batdongsan.com.vn after making an undisclosed minority investment in 2016. The Vietnamese property portal has over four million users generating over 70 million page views each month.

“We first invested in Batdongsan in 2016 and have been impressed with their very strong market leadership fuelled by delivering great value to the Vietnamese property sector.

“Today, we reinforce our commitment to Vietnam with the consolidation of Batdongsan. We look forward to making our regional expertise fully available to Vietnamese property seekers as well as to help the country’s real estate industry benefit from ASEAN integration,” added Krishnan.

“With rapid online migration well underway across many industries, the PropertyGuru team, led by Hari V. Krishnan, has clearly established itself as the Southeast Asian champion in the online property space. We look forward to partnering with them to help take them to the next level,” said Ashish Shastry, Member and Head of Southeast Asia, KKR.

KKR has also invested in various startups in Southeast Asia, including Indonesia-based ride-hailing startup Go-Jek and Philippines-based fintech firm Voyager Innovations.

Launched in 2007, PropertyGuru is one of the earliest property portals in Southeast Asia with over two million property listings on its platform.

Also read:

No IPO in 2018, will raise capital if there is inorganic opportunity: PropertyGuru CEO

PropertyGuru’s Steve Melhuish joins early-stage VC firm Wavemaker Partners

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.