PropertyGuru, Asian online property portal has received a $129 million investment from a strategic consortium of three investors. The group comprises of private investment firm TPG, Indonesian media group Emtek Group, and Asia Pacific-based tech venture capital firm Square Peg Capital. The transaction is expected to close by mid-June, a point at which representatives from all the three companies will join PropertyGuru’s board.
TPG already owns complementary internet and real estate companies in its portfolio, including Uber, Airbnb, Lynda.com, SurveyMonkey, RentPath and 8990 (Philippines), among others.
The funding will be used to accelerate the company’s growth in Southeast Asia, as well as marketing and innovation. The company has presence in Singapore, Thailand , and Indonesia, its portals garnering over 11 million monthly consumer visits, and 104 million page views. It claims to have a 28% traffic growth per annum, with mobile making up 52% of total traffic.
Currently, its main competitor in the region is 99.co, which is backed by real estate website iProperty and a Brazilian internet entrepreneur and investor Eduardo Saverin, which is one of the five Co-founders of Facebook. The firm said, the investment by TPG, Emtek Group, and Square Peg will bolster its further expansion with the aim of increasing its leadership position in Southeast Asia.
Other deals in online real estate sector in Asia include the purchase of 20% stake in TheEdgeProperty for an undisclosed sum by by Singapore billionaire Peter Lim.