99 Group Reportedly in Talks to Acquire Vietnamese Portal Propzy

September 6, 2022
Share this Post: 

According to a source with knowledge quoted in DealSteetAsia this morning, the Southeast Asian portal group 99 Group is in talks to acquire the Vietnamese real estate marketplace Propzy.

Propzy is an end-to-end real estate marketplace founded in 2014 that operates a sales and rental portal alongside a concierge service which combines logistics, documentation, and transaction services.

The regional business publication claims that Propzy is one of several potential M&A targets for 99 Group which recently raised a $37 million Series C round led by Gaw Capital Partners. The private equity firm also led ropzy's $25 million Series A round back in June 2020 alongside SoftBank Ventures Asia.

Since then, Propzy has struggled to grow its market share in Vietnam where it competes with the likes of PropertyGuru-owned Batdongsan, Lifull-owned Dotproperty and carousell-owned generalist Cho-Tot. The Ho Chi Minh City-based proptech was forced to lay off around 50% of its workforce in June and said that it plans to shift away from its marketplace model.

Top Real Estate Portals Of East Asia 2022

Singapore-based 99 Group is the challenger to PropertyGuru in its home market and the market leader in the ever growing Indonesian market. The company founded by Darius Cheung in 2014 was said to be in talks to be acquired by regional generalist classifieds giant Carousell before its latest round. Bloomberg reported that talks collapsed after Carousell's deal to go public via a SPAC merger fell through.

99 Group instead decieded to raise fresh capital and stated that it would be going on the offensive and looking to expand abroad as well as increase R&D activities.

Online Marketplaces has reached out to 99 Group for comment.

September 6, 2022
Edmund got to know the world of portals and marketplaces working at Mitula Group (which became Lifull Connect after the buyout in 2018). He worked directly with hundreds of portals across the world in his role in the content department for three and a half years before transferring to the SEO department to understand the inner workings of listings sites. He joined Online Marketplaces as Head of Content in March 2020.

Subscribe to our mailing list to get the famous, free Friday newsletter!

News and analysis to help build better online marketplace businesses, in your inbox, every Friday

Related News

Redfin Op 1
Redfin CEO Kelman Confident About Market Share Despite Continued Losses in Q3

The US brokerage and discovery site operator Redfin has released a report on its results for the third quarter of...

Read More
Housing Com Proptech Report
Housing.com Announces New Investment to Expand Home Loans Offering

Indian real estate platform Housing.com has announced that it will make a strategic investment in home-loans fintech startup Easiloan. The...

Read More
Bien Ici Paris
French Portal Bien'ici Reports 10% Market Share Growth And Announces New Features

Bien'ici, the number three real estate portal in France, has increased its market share by more than 10% in the...

Read More
Wp Featured Image
Malaysian PropTech Juwai IQI Appoints Taco Heidinga to Strategic Advisor Role

The Kuala Lumpur-based real estate network IQI, which is part of Juwai IQI, has announced the appointment of the real...

Read More

Editor's Pick