Singapore-based PropertyGuru has invested an undisclosed amount in Vietnam’s largest real estate information platform Batdongsan.com.vn. This folllows its buyouts of realty portals ePropertyTrack and RumahDijual.
PropertyGuru will have a chair on the board of Batdongsan.com.vn as a major shareholder, while the Vietnamese company’s founder-cum-CEO, Le Xuan Truong, will continue to run the business, according to a company announcement.
Founded in 2006, Batdongsan.com.vn is a comprehensive marketplace for properties and interiors as well as information platform for the real estate market. The site has had an average of monthly visitors of two million users since 2010
It claimed over 1.9 million listed properties in 2015 and a network of more than 80,000 listed agents in 2016.
Cyberagent Ventures invested in Batdongsan.com.vn in 2014. The Vietnamese portfolio exit is the second divestment made by the firm within the past month, after the venture capital firm sold its stake in Thai price comparison website Priceza to Germany Hubert Burda Media, which had also earlier made a $14 million investment in a Vietnamese startup, search engine developer Coc Coc.
Meanwhile, as a regional player, PropertyGuru is listing around one million properties per month for the Singapore, Malaysia, Indonesia and Thailand markets, which constitute a total transaction value of over $15 billion every year.
PropertyGuru decided to add Vietnam to its map of expansion due to the country’s digital growth, which will see Internet users swell up significantly from nearly 50 million people to approximately 82 million people, which is 88 per cent of Vietnam population, by 2020, according to the company statement.
“Vietnam is also one of the biggest market in the Southeast Asian region in terms of smartphone penetration with estimatedly 24.6 million people having smart portable devices by the end of 2016,” the company said.
Jani Rautiainen, co-founder and CEO of PropertyGuru, said: “We (…) highly appreciate the potential of the property market in Vietnam. We strongly believe in the strategic partnership with Batdongsan.com.vn as well as increasing our position in one of the big and fastest growing countries in Southeast Asia.”
PropertyGuru and Batdongsan.com.vn started their cooperation in October 2011, to boost the engagement of regional users for both companies.
The Singapore real estate platform landed a $60 million investment from ImmobilienScout24, one of the largest telcos in German, marking the biggest funding of a telecom firm in a real estate website in Asia. It then secured a $130 million financing led by Emtek Group and Square Peg Capital. Global private equity firm TPG participated in the round.
Recently, PropertyGuru said to drop its listing plan in 2016.