KUALA LUMPUR (Feb 18): PropertyGuru laid off 12% of its staff on Feb 13 following its acquisition by Swedish private equity firm EQT Capital last year, Singapore’s Business Times reported, citing a note to employees.

The layoffs are across PropertyGuru, with three business units — Sendhelper, PropertyGuru Finance, data-and-software solutions — shuttering as part of the property listing platform’s efforts to streamline operations, the report said. PropertyGuru Finance and Sendhelper both cater to the Singapore market.

“To sharpen this focus, we will direct all our energy, resources and talent towards our marketplaces in Singapore, Malaysia, Vietnam and Thailand,” new executive chairman Trevor Mather was quoted as saying in the note by Business Times.

The company will be phasing out or discontinuing initiatives outside of its four core markets, according to the business newspaper. 

The latest job cuts followed an earlier round in Feb 2024 when 79 employees were let go in February 2024 before its takeover by EQT in a deal that valued Property Guru at US$1.1 billion (RM4.8 billion) and its delisting from the New York Stock Exchange in December 2024.

PropertyGuru reported widening losses before its delisting, posting a loss of S$16.1 million for the second quarter of 2024 ended June 30, compared with S$6.5 million in the corresponding three months in 2023.

PropertyGuru Finance was launched in March 2020, providing advisory on mortgage and refinancing, while Sendhelper was acquired in 2022 to provide home services such as cleaning and maintenance.

PropertyGuru is now prioritising its marketplace business. “This belief in marketplaces is why EQT invested in PropertyGuru and why our new board has come together — we are aligned in our vision for the company’s future success,” Mather added in the note.