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.