PropertyGuru Loses S$5M in Q4, but Revenues up 35% YoY

March 2, 2023
Share this Post: 

PropertyGuru Group, Southeast Asia's leading property technology company, has released up-to-date numbers for its 2022 performance, with significant revenue growth across each of its segments.

Highlights include:

  • Q4 revenue of S$40M (up 17% YoY)
  • Q4 net loss S$5M (was S$27M in 2021)
  • FY22 revenue of S$136M (up 35% YoY)
  • 20% YoY growth in every segment
  • Marketplaces revenues hits S$38 million (up 15%YoY)



After a highly anticipated IPO in March 2022, the long and short of it is that PropertyGuru continues to be a loss-making business.

But the key takeaway is a significant revenue boost for the Group, up 35% to S$136M for the full year—while net losses slimmed down from S$7.4M to S$5M.

Singapore is the key revenue driver, contributing S$18M of the Group's S$40M Q4 revenue. Singapore also contributed over S$69M of the Group's total marketplace revenue for the year, which rose to S$136M (from S$100M in 2021).

PropertyGuru's Fintech and data services constituted just S$1.7M of the Group's Q4 revenue, and operated at a slight net loss of S$2M.

Hari V Krishnan, CEO and managing director at PropertyGuru Group, said:

“We are pleased with our results, as PropertyGuru performed well in the face of several transitory challenges that continue to impact our core markets.

“Last year was a historic year for PropertyGuru, as we took the next step in our company’s evolution by listing on the NYSE. Going forward, we see great opportunity in 2023 and beyond as we continue to offer our customers differentiated solutions while looking to opportunistically deploy capital to accelerate the Company’s ongoing expansion.”


Market Dominance

The Group shared updated figures for its market leadership across Asia. Notably, the Group continues to hold a dominant 81% market share in Singapore and majority interests in Malaysia (93%), Vietnam (75%) and Thailand (58%).


2023 Outlook

The Group anticipates full year revenues for 2023 between S$160M-170M, while EBITDA will reach between S$11M-15M for the year.

The acquisition of Sendhelper, which the Group initially stated would not materially impact 2022's performance, is now expected to negatively impact profitability by between S$3M-4M in 2023.


A Seismic Year: PropertyGuru Group's 2022 in a nutshell

In March 2022, the Group floats on the NYSE with an estimated $440M cash injection.

In August 2022, the Group announced a partnership with CTOS—Malaysia’s leading Credit Reporting Agency—which the company says will accelerate its investment in proptech innovation.

In October 2022, the Group updates its brand positioning for B2B expansions.

Also in October, Sendhelper acquisition means PropertyGuru will now offer at-home services including repair services and cleaning from around 2,000 verified vendors and freelancers in Singapore.

December 2022, completes acquisition of iProperty Malaysia, meaning the Group now owns all the shares in REA Group Ltd’s entities in Malaysia and Thailand.

And most recently, the Group appointed Disha Goenka Das as the Group's new CMO in January, after being tempted away from Twitter.

March 2, 2023
Harvey is an experienced property journalist and copywriter. He has written about the property industry since 2015, starting at The Property Franchise Group in the UK, before moving to Spain to work for Spotahome. He has blogged for the private rented sector, ghostwritten for UK property experts and written case studies for franchise owners around the UK. Harvey joined Online Marketplaces as a News Editor in 2022.

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

Zillow And Opendoor
Zillow and Opendoor Further Extend Their Partnership into 3 New Markets

US giant Zillow and Opendoor have expanded their home sales partnership into three new markets. The new markets are Houston,...

Read More
Ke Holdings Decoration
Chinese Leader KE Holdings Sees Net Losses Widen to $203m in 2022 As It Goes "from high-speed to high quality growth"

Leading Chinese real estate brokerage and portal company KE Holdings (aka Beike) has released a report on its performance for...

Read More
Property Finder Boardroom
PropertyFinder hires Frode Nordseth as VP of Product

Dubai-based marketplace Property Finder has hired Frode Nordseth as its new VP of Product. He announced his new role in...

Read More
Buyrentkenya Nairobi Skyline
"The ceiling for innovation is just infinite at this point" - Interview with BuyRentKenya CEO, Lizzie Costabir

Like the previous two portals we've spoken to in our Africa series, BuyRentKenya has been in the business for 10...

Read More

Editor's Pick