Asian online property portal group, PropertyGuru, announced today that it has received an investment worth S$175 million from a strategic consortium of three investors.
The investing consortium comprises global private investment firm TPG, Indonesian media group Emtek Group, and Asia Pacific-based tech venture capital firm Square Peg. The transaction is expected to close by mid-June, at which point representatives from the consortium will join PropertyGuru's board.
"The continued growth of PropertyGuru in Malaysia is a testament to the company's successful strategy of focusing on building the most innovative customer-centric real estate platform," said Tunku Ali Redhauddin, Senior Advisor, TPG. "Together with the consortium partners, the company is well placed to ensure the further development of the PropertyGuru brand in Malaysia - with buyers, sellers and intermediaries.
In a media statement, PropertyGuru said that this investment will be used to support the company's innovation, marketing and further expansion in the region.
"We will capitalise on this investment to tap into the Southeast Asia property market potential and developments in the digital space to further our regional agenda," added Steve Melhuish, CEO and co-founder of PropertyGuru.
Sign up for Computerworld eNewsletters.