Hari V. Krishnan, CEO and Managing Director, PropertyGuru
Property tech company PropertyGuru today announced that it is ceasing the operations of Rumah.com, its property marketplaces business in Indonesia, and FastKey, its SaaS product, in an internal note by PropertyGuru Group CEO and Managing Director Hari V. Krishnan.
The statement further detailed that Rumah.com will cease to operate on November 30.
“Our aim is to minimise this impact and provide support to the 61 Gurus from our Indonesia Marketplace business, offering them enhanced packages, healthcare support and assisting them in their transition to new opportunities,” Krishnan said in the statement.
“Until November 30, we will continue to serve our Rumah.com agent and developer partners to ensure minimal disruption to their business operations. Thereafter, we will refund the fees paid by them as per the respective contracts. For our vendor partners, we will pay the dues as per the individual contractual commitments.”
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It also stated that it will continue to hold the PropertyGuru Indonesia Property Awards.
For FastKey, PropertyGuru will cease its operations in Indonesia on July 31, 2024, and in Malaysia and Singapore on October 15, 2024.
“As we move forward, we are engaging in conversations with the affected FastKey team members, exploring redeployment opportunities within the group and ensuring that they are supported throughout this period of change,” the CEO said.
For affected employees at Rumah.com, PropertyGuru will provide them with enhanced severance packages, goodwill payments based on years of service, extension of medical insurance, and jobseeking support.
The company also stated that the business decisions are not expected to have a material impact on its full-year 2023 financial outlook.
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“As we navigate the future, it is imperative that we continue to review progress and periodically streamline our operations while carefully re-prioritising our resources where necessary. Our efforts and focus must be towards businesses that are already driving or have shown the potential to achieve scalable growth while ensuring strong unit economics,” says Krishnan.
e27 has reached out to PropertyGuru to find out the company’s next plan and focus.
Responding to the announcement, 99 Group CEO Darius Mahtani Cheung said that the group is “rapidly” growing its business in Indonesia and is expanding its team.
“We welcome all talents to join us, do find out about opportunities on our career page!” he wrote to e27.
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Image Credit: PropertyGuru
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