PropertyGuru Group Set to Lay Off 79 Employees, CEO Pens Open Letter Explaining the Restructure

Property Guru CEO Hari V. Krishnan has penned an open letter to staff explaining a strategic restructuring exercise that will see 79 employees lose their jobs, circa 5% of the Group's total workforce.

The company will close two unprofitable branches in Vietnam, with seven branches remaining amid difficult market conditions.

The Group had warned that Vietnam's macro-economic situation was holding back progress, highlighted in its Full Year outlook in Q3 2023's financial results released in November:

"Vietnam’s property market continues to be affected by government policy interventions that negatively impact consumer sentiment and transaction volumes."

Online Marketplaces hasn't seen Krishnan's open letter, but quotes shared on other publications say that Krishnan wrote the "decision was made after careful and objective identification of the roles for PropertyGuru’s next phase of growth."

He went on to say:

"Volatile market conditions and changing customer needs require us to adapt our strategy so that we can continue to grow sustainably. It’s essential that we periodically reassess our progress and take proactive steps to future-proof our business."

The Group recorded double-digit revenue growth of 13% in Q3 2023 and enjoyed a small net profit of S$0.3 million, a rare achievement for a Group that had recorded net losses for the previous four consecutive quarters.

*Note that PropertyGuru has since reached out to share the letter with us, which is now available online. The link is here.