Saturday, 2023 September 30

Singaporean proptech firm acquires two platforms in Singapore and Indonesia, forms USD 100 million JV

Singapore-headquartered proptech platform has acquired REA Group’s consumer brands, in Singapore and in Indonesia, according to an official statement., founded in 2007, was part of iProperty Group, an entity consisting of multiple property-related platforms in Southeast Asia and listed on the Australian Securities Exchange (ASX). The company was acquired by REA Group in 2015 for USD 531 million and in 2016, it was delisted from the ASX., acquired by iProperty Group in 2011, is considered an established player in Indonesia. will assume full control of and upon the closing of the agreement, positioning as a potential market leader in Southeast Asia. The newly formed joint venture is valued at over USD 100 million.

It will be a challenger to PropertyGuru, a firm which has over the years acquired several property listing sites in Southeast Asia and is in the process of listing in Australia. PropertyGuru said it could potentially raise ASD 363 million (USD 257 million) with a successful listing.

The joint venture will be led by’s senior management team, including’s co-founder and CEO Darius Cheung. The company will continue to operate the, and consumer portals.

Besides merging its Singapore and Indonesia assets under’s leadership, REA Group will also invest USD 8 million in capital to accelerate the growth and development of the newly formed joint venture.

Founded by Darius Cheung in 2014, says it’s the fastest growing property portal in Southeast Asia. The company claims to have grown its traffic 32 times in the last two years. The acquisition came only two months after raised a USD 15.2 million Series B round led by MindWorks Venture and Allianz X in August. is also backed by notable investors like co-founder of Facebook Eduardo Saverin, EastVentures, Sequoia Capital India.


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