by Sep 6, 2022 | Real Estate, PropTech & IBuying, Financials / Deals
Singapore-based 99 Group is considering buying Vietnam-based proptech startup Propzy, according to media reports, citing sources with knowledge of the matter.
A deal is in the “very early stages” with “a lot of uncertainties,” according to an anonymous source quoted by Tech in Asia.
Reports of the potential takeover first emerged on DealStreetAsia earlier today.
Singapore-based real estate marketplace 99 Group, which owns 99.co and Rumah123.com, has a dozen potential acquisition targets, according to the source.
In July, it raised $52 million U.S. in its Series C round, led by Gaw Capital Partners, a private equity fund management firm focused on the Asia-Pacific real estate market and several other high barrier-to-entry global markets.
That funding came after the first injection of $37 million U.S. was completed and followed by another $15 million U.S. raised in stages over the previous few months. It doubled the total capital raised by 99 Group to more than $100 million U.S.
Propzy has been through a volatile period of late.
In July, it revealed it was re-hiring nearly 100% of the employees it had laid off when it began restructuring its business model in September 2021.
Propzy had primarily laid off its sales force. As the site continues the automation of its tech-enabled direct brokerage services, the sales posts had become superfluous, said founder and CEO John Le.
Prior to that, Propzy sent a notice of dissolution for Propzy Service Company to the Department of Planning and Investment of Ho Chi Minh City, citing a change in its business plan.
Founded by Le in 2015 and backed by SoftBank, Propzy’s latest Series A funding round in 2020 raised $25 million dollars.
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