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PropertyGuru is pulling the plug on two of its ventures in Indonesia. The axe is falling on, their property marketplaces business, and FastKey, their SaaS product. The decision came straight from Group CEO and Managing Director, Hari V. Krishnan.

Here’s what you need to know:

  • is winding up operations on November 30 and will continue to serve its partners until then to ensure minimal disruption to business operations.
  • Krishnan promises the 61 “Gurus” affected will receive enhanced packages, healthcare support, and assistance in finding new opportunities.
  • Despite the shake-up, the PropertyGuru Indonesia Property Awards are still on.

As for FastKey, here’s the timeline:

  • July 31, 2024 for Indonesia.
  • October 15, 2024 for Malaysia and Singapore.

The FastKey team members aren’t being pushed into the cold either. Conversations are underway about redeployment opportunities within the group, guarantees the CEO.

PropertyGuru insists that these business decisions won’t impact its full-year 2023 financial outlook as their focus turns towards businesses with scalable growth potential and strong unit economics.

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