PropertyGuru receives S$175m from TPG, Emtek, Square Peg

PROPERTYGURU Group has received S$175 million from three investors, while an existing minority shareholder will exit the business, the online property portal announced on Tuesday.

Representatives from private investment firm TPG, Indonesian media business Emtek Group and Asia-Pacific venture capital firm Square Peg Capital will join PropertyGuru's board of directors after the transaction's expected mid-June closing.

Scout24, a minority shareholder of PropertyGuru, will exit to focus on its property and car online classified businesses in Europe, PropertyGuru said.

The online portal said it currently draws 11 million monthly consumer visits in Singapore, Thailand and Indonesia.