JAKARTA (TheInsiderStories) – PropertyGuru Group, holding of Indonesian housing portal Rumah.com has secured S$200 million (US$145 million) in a Series D round of funding by leading global investment firm KKR.
As one of the most active private equity investors in Southeast Asia (SEA), KKR now joins PropertyGuru’s coveted board of investors alongside TPG, Emtek Group and Square Peg Capital.
This investment round bolsters PropertyGuru’s expansion in SEA with the full consolidation of Vietnam’s property portal Batdongsan.com.vn into the Group. Both companies has collaborate since 2016.
The property technology operates in five markets in the region like Singapore and Malaysia, DDproperty.com in Thailand, Rumah.com in Indonesia and Batdongsan.com.vn in Vietnam. In SEA, the Group has 55 percent market share.
The funding round provides significant impetus to PropertyGuru’s position to fuel investments in technology and bring solutions that benefit home seekers, real estate agents and property developers.
Hari V. Krishnan, Chief Executive Officer, PropertyGuru Group, said, “This new investment is a great validation of the technology-driven growth that PropertyGuru. Today the Group is profitable, cash flow positive and has revenues growing more than 25 percent year-on-year.”
Ashish Shastry, Member & Head of Southeast Asia, KKR, added, KKR’s investment in PropertyGuru is being funded from KKR Asian Fund III. The investment is part of the firm’s strategy to invest in high-growth markets that the firm believes can benefit from a rapid increase in technology adoption.
PropertyGuru acquire Rumah.com in 2010. Rumah.com was launched in 2007 and has seen consistent growth in traffic and revenue over the period. The website is currently used by 500,000 buyers viewing eight million pages monthly.
Rumah.com offers over 120,000 properties for sale and rent in Indonesia and works closely with Indonesia’s leading property agents and developers, listing their properties on the site.
Indonesia is the world’s fourth largest nation with a population of 245 million, and is one of the fastest growing Internet markets with an estimated 45 million online users (doubling over the previous year). Indonesia is also Facebook’s second largest market globally, overtaking the UK late last year, with 30 million users.
To further support this, Southeast Asia’s biggest economy has deregulate its property industry, allowing foreigners to buy homes and commercial properties directly. Additionally, Indonesians are the third largest foreign buyers of property in Singapore, purchasing almost 1,600 local properties last year.
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