Singapore’s PropertyGuru has raised S$175 million from several investors include US private equity giant TPG, in a sign of growing interest in regional online portals that cater to consumers looking to buy or rent property.
The other investors are Indonesian media company Emtek Group and Asia Pacific-based tech venture capital firm Square Peg Capital, PropertyGuru said in a statement on Tuesday (Jun 9).
The announcement by PropertyGuru came just several days after billionaire investor Peter Lim said he has taken a 20 per cent stake in TheEdgeProperty.com, a Malaysia-based setup that will launch in Singapore next month.
Singapore-based 99.co, another popular real estate portal, counts Facebook co-founder Eduardo Saverin and Sequoia Capital among its major investors.
Founded in 2006, PropertyGuru operates property search websites in Singapore, Malaysia, Thailand and Indonesia. The firm said more than 11 million property buyers have used its services and that its portals generate over 500,000 enquiries for real estate developer and agents each month.
PropertyGuru said the investment by TPG, Emtek and Square Peg will support its further expansion with the aim of increasing its leadership position in the Southeast Asian region.
Source : Channel NewsAsia – 9 Jun 2015