PropertyGuru Group Acquisition, Valuation, Funding & Investors

PropertyGuru Group was acquired by EQT for $1.1B in August 2024, a 9.4x multiple on $117M of revenue.

PropertyGuru Group acquisition price

$1.1B

Acquired by EQT · Aug 2024

PropertyGuru Group revenue at acquisition

$117M

Last twelve months · Aug 2024

PropertyGuru Group revenue multiple at acquisition

9.4x

EV/Revenue · Aug 2024

PropertyGuru Group EBITDA multiple at acquisition

31.0x

EV/EBITDA · Aug 2024

PropertyGuru Group Overview

About PropertyGuru Group

PropertyGuru Group is a Singapore-headquartered property tech firm listed on the NYSE. It operates digital marketplaces in Singapore, Malaysia, Thailand, Vietnam, and Indonesia, plus mortgage brokerage, developer sales tools, and data services for banks and valuers.


Founded

2006

HQ

SingaporeSingapore

Status

Acquired

Customer focus

B2C

Revenue model

Advertising, Subscription

Revenue

$117M (Aug 2024)

Valuation

$1.1B (acquired Aug 2024)

PropertyGuru Group Acquisition

PropertyGuru Group was acquired by EQT for $1.1B on 16 August 2024.

The acquisition price implies a 9.4x revenue and 31.0x EBITDA multiple on $117M of revenue.

Before the acquisition PropertyGuru Group had raised $495M across 3 funding rounds.

PropertyGuru Group acquisition details
AcquirerDateTypePriceEV/RevenueEV/EBITDA
16 Aug 2024PE buyout$1.1B9.4x31.0x

PropertyGuru Group Funding History

PropertyGuru Group has raised a total of $495M across 3 funding rounds.

PropertyGuru Group's first fundraising round was a $130M undisclosed-stage round in June 2015. The most recent completed round was a $220M undisclosed-stage round in September 2020.

PropertyGuru Group funding rounds

PropertyGuru Group funding rounds
DateStageInvestorsRaisedDeal Summary
Sep 2020Undisclosed stageKKR (lead); TPG (lead)$220MPropertyGuru Group is Southeast Asia’s leading property technology (PropTech) company, operating real estate portals in Singapore, Malaysia, Vietnam, Thailand, and Indonesia, with a 57% regional market share. Founded in 2007, it provides platforms for property seekers to find, finance, and own homes, including features like mortgage marketplaces and virtual walkthroughs. In September 2020, it raised S$300 million (approximately US$220 million) from existing investors TPG and KKR (via KKR Asian Fund III), marking additional investments after prior rounds including a $145 million Series D in 2018 led by KKR. The funding aimed to accelerate growth across key markets, particularly Malaysia and Vietnam, by investing in strategic areas such as PropertyGuru Finance (mortgage offerings), PropertyGuru FastKey (sales enablement for developers), and enhanced data capabilities. The company reported strong financial performance, including 24% year-on-year revenue growth over the past year (2019-2020), beating its 2019 forecasts, and marking the fourth consecutive year of high growth despite challenging real estate markets. Monthly, it served 24.5 million property seekers across 2.7 million property listings. PropertyGuru solidified its market leadership amid digital transformation accelerated by the COVID-19 pandemic, competing against rivals like the 99.co-iProperty joint venture backed by investors such as Eduardo Saverin and Sequoia Capital. The investment validated its data-driven strategy and talented team, as stated by Chairman Olivier Lim and CEO Hari V. Krishnan. This round followed a withdrawn ASX IPO plan in 2019 aiming for up to $275 million. Later, in 2024, it faced a proposed $1.1 billion take-private by EQT, after a 2022 NYSE SPAC listing at $1.8 billion valuation that saw market cap decline.
Oct 2018Series DKKR (lead)$145MPropertyGuru Group, Asia's leading property technology platform, secured S$200 million (approximately US$144–145 million) in Series D funding from global private equity firm KKR in October 2018. The company operates rental and sale listing sites across Singapore, Malaysia, Indonesia, and Thailand, with dominant market share in these regions and operations extending to multiple other countries including Vietnam (via the Batdongsan acquisition), Cambodia, India, Japan, Philippines, Thailand, UAE, and the UK. Founded in 2006, PropertyGuru had raised a cumulative S$436.2 million across four funding rounds by this point (Series A 2008: S$1.2m, Series B 2012: S$60m, Series C 2015: S$175m, Series D 2018: S$200m). KKR's investment was sourced from its KKR Asian Fund III and included board representation. The company reported being profitable, cash flow positive, and experiencing revenue growth of 25 percent year-on-year at the time of the round. While the company was expected to have reached unicorn status (valuation at or above $1 billion) based on the investment size and market position, PropertyGuru declined to disclose its exact post-money valuation. The Series D funding was allocated toward supporting the newly launched PropertyGuru Finance service, expanding data capabilities for clients, and developing the PropertyGuru FastKey automated sales acceleration tool.
Jun 2015Undisclosed stageEmtek (lead); Square Peg Capital (lead); TPG (lead)$130MPropertyGuru is described as Southeast Asia's leading PropTech company, founded 2007 in Singapore, operating property marketplaces, finance, and services across Singapore, Malaysia, Thailand, and Vietnam, connecting millions of property seekers with agents monthly.

Who has invested in PropertyGuru Group?

4 investors have backed PropertyGuru Group across its funding rounds, including KKR, TPG, Square Peg Capital and Emtek.

Lead investors include KKR, TPG, Emtek and Square Peg Capital.


PropertyGuru Group Investors

Investors in PropertyGuru Group by funding rounds participated
InvestorHQRoundsRoleFirst check
KKRUnited StatesNew York City, NY2LeadOct 2018
TPGUnited StatesSan Francisco, CA2LeadJun 2015

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Acquisitions by PropertyGuru Group

PropertyGuru Group has acquired 8 companies to date.

Last acquisition by PropertyGuru Group was on October 13th 2022. PropertyGuru Group acquired Sendhelper for undisclosed valuation.


Latest Acquisitions by PropertyGuru Group

Sendhelper
Prakard.com
ThinkofLiving
Brickz
Description
-
Prakard.com is a Bangkok-based online marketplace operating property rental and sales listing platforms across Thailand. The site features over 100,000 active listings for apartments, condominiums, houses, and commercial spaces in provinces including Bangkok, Chiang Mai, Phuket, and Pattaya. Prakard.com provides search filters by price, size, location, and amenities, along with direct owner contacts, virtual tours, and premium advertising options for real estate agents.
ThinkofLiving is a real estate media platform providing property reviews, market analysis, and buying guides for Thailand's residential sector. Launched in Bangkok in 2011, it covers condominiums, houses, and townhomes in Greater Bangkok and provincial areas, featuring over 10,000 listings and developer interviews. The site attracts monthly visitors through video tours and neighborhood spotlights, partnering with agencies like CBRE and Knight Frank.
Brickz is a Kuala Lumpur-based property data platform aggregating transaction records for 5 million Malaysian homes. Launched in 2013, it offers heatmaps, valuation tools, and alerts for 1 million monthly users including agents and banks like Maybank. Brickz sources data from the National Property Information Centre, enabling portfolio analysis and investment decisions across Johor, Selangor, and Penang markets.
HQ CountrySingaporeThailandThailandMalaysia
HQ City
Singapore
Bangkok
Bangkok
Shah Alam
Deal Date13 Oct 202231 May 202131 May 202131 May 2021
Valuationundisclosedundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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PropertyGuru Group Competitors

PropertyGuru Group competitors include listed companies like eFinance, Porch Group, Vitec Software and PEXA Group, and private ones like Square Yards and Iwjw.

Public and private companies comparable to PropertyGuru Group
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Square YardsIndiaGurgaonPrivate$223M$19M$1B4.5x
eFinanceEgyptEgyptPublicly listed$130M$67M$1.6B-
Porch GroupUnited StatesUnited StatesPublicly listed$510M$79M$1.8B4.1x
Vitec SoftwareSwedenSwedenPublicly listed$371M$151M$1B3.5x
IwjwChinaShanghaiPrivate--$1B-
PEXA GroupAustraliaAustraliaPublicly listed$285M$100M$861M3.4x

PropertyGuru Group Public Comps

PropertyGuru Group is no longer listed, but its public comps include Yelp, Optasia, Altus Group, Baltic Classifieds Group, Shenzhen Sunline, Upwork, The RealReal, Tripadvisor, BuySell Technologies and LegalZoom.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Yelp$1.5B$251M0.8x0.8x4.5x3.4x
Optasia$265M$79M4.3x3.6x14.5x9.1x
Altus Group$360M$31M3.5x3.7x40.5x14.2x
Baltic Classifieds Group$102M$79M11.2x10.9x14.5x14.1x
Shenzhen Sunline$292M$14M3.7x3.1x76.1x38.5x
Upwork$788M$180M1.0x1.1x4.6x3.6x
The RealReal$693M$15M2.2x2.0x99.6x24.6x
Tripadvisor$1.9B$160M0.6x0.6x6.8x4.2x

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Common questions about PropertyGuru Group

When was PropertyGuru Group founded?PropertyGuru Group was founded in 2006.
Where is PropertyGuru Group headquartered?PropertyGuru Group is headquartered in Singapore, Singapore.
Is PropertyGuru Group publicly listed?No, PropertyGuru Group was acquired by EQT in August 2024.
Who acquired PropertyGuru Group?PropertyGuru Group was acquired by EQT in August 2024.
How much was PropertyGuru Group acquired for?PropertyGuru Group was acquired for $1.1B in August 2024, a 9.4x revenue multiple.
How much funding has PropertyGuru Group raised?PropertyGuru Group has raised $495M across 3 funding rounds.
What was PropertyGuru Group's last funding round?PropertyGuru Group's last funding round was a $220M undisclosed-stage round in September 2020, led by KKR and TPG.
Who are PropertyGuru Group's investors?PropertyGuru Group's investors include KKR, TPG, Emtek and Square Peg Capital.
Which companies are comparable to PropertyGuru Group?Companies comparable to PropertyGuru Group include Square Yards, eFinance, Porch Group, Vitec Software, Iwjw and PEXA Group.
How many companies has PropertyGuru Group acquired?PropertyGuru Group has acquired 8 companies, including Sendhelper, Prakard.com, ThinkofLiving, Brickz and iProperty.com.

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