TPG Asia has become a new shareholder of PropertyGuru Group, the Singapore-based prop-tech group. The move comes after Indonesian media group Emtek divested from PropertyGuru.

Emtek was one of PropertyGuru’s earliest investors. It announced the decision to offload its shares back in September after PropertyGuru raised around $220 million over across two funding rounds led by TPG and KKR. Other investors, including venture capital company Square Peg Capital, Kreatif Media Karya (KMK), and Vulpes Testudo Fund have pared back their stakes in PropertyGuru.

“Our long-term investor Emtek has realized their investment and sold their entire stake in the business. Square Peg is no longer on the board but continues to be invested in the business” a PropertyGuru spokesperson said.

The company also confirmed that Square Peg co-founder Paul Bassat and his partner Tushar Roy have stepped down as directors of PropertyGuru’s board.

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