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Proptech

PropertyGuru’s Q2 Loss Deepens Ahead of Privatization Move

Rary Maharani
Last updated: September 9, 2024 10:11 pm
Rary Maharani
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  • PropertyGuru’s Q2 losses widened to $16.1 million
  • Revenue grew 10.3% year-over-year
  • The company plans to go private through a $1.4 billion acquisition

Contents
Red ink flowsSingapore leads the chargeGoing private

Red ink flows

PropertyGuru reported a widened net loss of $16.1 million in Q2 2024, compared to $6.5 million in the same period last year.

Despite the increased losses, the company saw a 10.3% year-over-year revenue growth, reaching $40.7 million.

Singapore leads the charge

The company’s Singapore marketplace segment shone brightest, boasting a 16% revenue increase to $25 million.

This growth stemmed from a rise in both agent numbers and average revenue per agent.

Going private

In a significant move, PropertyGuru announced plans to go private through a $1.4 billion acquisition by EQT Private Capital Asia.

The deal, expected to close by early 2025, aims to free the company from public market pressures and foster long-term innovation.

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