PropertyGuru Group announced that they’ve just sealed S$175 million from a strategic consortium consists of TGP, Emtek Group, and Square Peg Capital. The investment becomes the biggest among tech startups in Southeast Asia this year. In its release, the investment will be allocated to support PropertyGuru’s innovation, including marketing strategy development and marketing area expansion.
Those three investors possess robust track record in tech startup industry and will join PropertyGuru’s advisory board. The transaction of this investment is projected to be completed in the middle of this coming June.
Emtek Group has been strategically partnering with PropertyGuru upon building the startup’s market in Indonesia. The investor expects to strengthen its relationship to develop the potential of online property portal in Indonesia. Now that the investment has been made, the expectation seems much more obtainable. Emtek Group’s Commissioner Jay Wacher stated in his press release that PropertyGuru basically provides the opportunity for Emtek to deepen their exposure towards online businesses.
In Indonesia, PropertyGuru’s property is Rumah.com, a joint venture established by PropertyGuru and Emtek Group’s subsidiary. Since the very beginning, Rumah.com has always been optimistic with the trend of real estate’s growth in Indonesia, which keeps sustainably growing up to 10-15 percent in the past five years. The vast number of property agencies in Indonesia also opens the opportunity foronline property portal like Rumah.com to handle the investment on ads spent by vendors.
In Southeast Asia, Singapore and Thailand are PropertyGuru Group’s gold mine. According to the released report, the online property portal has secured 11 million visit in a month, with 28 percent of annual growth. The total transaction done through the platform is claimed to reach S$14 billion in a year.
“PropertyGuru has built its track record on a vision of innovation which centers on consumers who empower people to make better decisions regarding properties. We will make use of this investment to optimize the potential of property market in Southeast Asia, and the digital growth is our regional agenda,” said PropertyGuru’s CEO and Co-Founder Steve Melhuish.
