- Proptech leader PropertyGuru laid off 79 amid shifting business strategy.
- The company is closing operations in Vietnam where growth slowed.
- PropertyGuru aims to refocus on core offerings and boost profitability in turbulent market.
Proptech leader PropertyGuru has laid off 79 employees, approximately 5% of its total workforce, due to changing conditions in the Southeast Asian market.
CEO Hari V. Krishnan stated the strategic decision was made in response to evolving customer needs and volatility in the region.
Operations & product shifts
As part of the shift, PropertyGuru will close non-scalable operations, including two branches in Vietnam, where revenue growth had slowed 32.8% year-over-year in Q3 2023.
The company will also discontinue FastKey, a SaaS product for agents, by October 2024 after announcing its sunset last year.
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Additionally, PropertyGuru will streamline technology delivery, restructure customer support roles, and adjust organizational frameworks.
What’s next for PropertyGuru?
The layoffs follow the recent departure of co-founder and inaugural CEO Steve Melhuish from PropertyGuru’s board as he pivots to climate tech.
According to Krishnan’s letter, the reductions aim to enhance profitability and long-term sustainability amidst regional instability. The closures in Vietnam occur as scarce capital and stalled projects have slowed the country’s property market over 2023.
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By focusing on core offerings and consolidating operations, PropertyGuru hopes to realign itself with evolving customer needs in Southeast Asia’s turbulent proptech space.
The company stated the strategic changes will ensure its services remain scalable and positioned for growth across the region.
To read the original article in its entirety: https://www.techinasia.com/propertyguru-makes-changes-lays-off-79-employees
