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Deals

Online realty firm PropertyGuru raises $220 million from KKR, TPG

SINGAPORE (Reuters) - PropertyGuru Group, a Southeast Asian online realty company, has raised another S$300 million ($220.4 million) from its existing investors KKR KKR.N and TPG Capital, following its cancelled initial public offering (IPO) last year.

“The additional investments from TPG and KKR will enable us to continue building Southeast Asia’s property trust platform and accelerate our momentum in key markets like Malaysia and Vietnam,” Hari V. Krishnan, its CEO and managing director, said in a statement on Wednesday.

The company scrapped its Australia IPO last year because of market volatility. It had expected to raise up to A$380.2 million ($279.6 million) in the listing.

PropertyGuru, launched in 2007, is based in Singapore and also operates in Vietnam, Thailand, Malaysia and Indonesia.

The company said it will further invest in areas including its new mortgage marketplace and data capabilities.

Reporting by Aradhana Aravindan in Singapore; Editing by Shri Navaratnam and Himani Sarkar

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