PropertyGuru Group to turn profitable this year
06 Mar 2017
In a report published by Bloomberg, PropertyGuru Group CEO, Hari Krishnan said the company’s investments were growing on a wide front, and the company was on track to turn profitable later this year.
He also said he wasn’t ruling out an initial public offering (IPO) sometime next year. He said this, after the company had said just one year ago, that an IPO was not on the cards (here).
“We have hyper-growth, our revenue is growing at a pace faster than 30 percent, Krishnan said in the Bloomberg interview. “We are leading in four or five markets, and are the largest in the region by any measure – whether traffic, total listings or revenue.”
The company invested in Vietnam’s Batdongsan last year to gain a foothold in that market. Bloomberg also reported PropertyGuru plans to roll out an artificial intelligence (AI) feature in the next six months, and has made investment in this area.
PropertyGuru generates income by charging agents a fee to use its platform, and by selling advertising online and in a printed publication distributed in Singapore.
PropertyGuru was founded in 2007, and says it receives 16 million visits a month. In December 2015, PropertyGuru acquired Indonesian real estate site RumahDijual.com, for an undisclosed amount. Recently, ShweProperty, an exclusive partner in Myanmar of PropertyGuru, secured Series-A funding for expansion.
IProperty.com, a competitor of PropertyGuru, is also performing strongly, after its recent acquisition by REA Group in one of the largest investments in Southeast Asia. REA Group is said to share technology with IProperty in Southeast Asia.