Education
PropertyGuru will acquire the Malaysian and Thai operations of an Australian proptech startup.
Specifications:
- REA Group will sell PropertyGuru iProperty.com.my and Brickz.my in Malaysia, as well as thinkofliving.com and Prakard.com in Thailand.
- According to the Australian company's documents, the contract is estimated to bring in A$15 million (US$11.6 million) in revenue in 2021.
- Under the terms of the agreement, REA will own an 18 percent share in PropertyGuru and will add a board director to the company's board of directors.
The Situation:
- The news comes after PropertyGuru revealed revenue and valuation declines for the first time since at least 2017.
- In the meantime, competitor 99 Group has increased its sales bookings for 2020 and is in advanced talks to raise funds to expand outside Singapore and Indonesia.
