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content/literature-notes/Articles/PropertyGuru Lays Off 174 People as New Chairman Outlines Refined Ambitions.md

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+---
+author: [[Harvey Hancock]]
+title: "PropertyGuru Lays Off 174 People as New Chairman Outlines "Refined" Ambitions"
+date: 2025-02-18
+tags: 
+- articles
+- literature-note
+---
+![rw-book-cover](https://www.onlinemarketplaces.com/wp-content/uploads/2023/11/PropertyGuruGroupBoardroom.png)
+
+## Metadata
+- Author: [[Harvey Hancock]]
+- Full Title: PropertyGuru Lays Off 174 People as New Chairman Outlines "Refined" Ambitions
+- URL: https://www.onlinemarketplaces.com/articles/propertyguru-lays-off-174-people-as-new-chairman-outlines-refined-ambitions/
+
+## Highlights
+- PropertyGuru has announced that 174 employees will lose their jobs, representing more than 10% of its workforce.
+  In an open letter published on the Singapore-based portal operator's website, executive chairman Trevor Mather hit the reset button on PropertyGuru's strategy and announced the discontinuation of Sendhelper, Data & Software Solutions, and PropertyGuru Finance. ([View Highlight](https://read.readwise.io/read/01jmddbf6qnpytyemked20m5ss))
+- The company will also phase out its Corporate Development and Investor Relations as a result of [PropertyGuru's privatisation after EQT's takeover of the business](https://www.onlinemarketplaces.com/articles/eqt-completes-acquisition-of-propertyguru-group/) last year.
+  Other reorganisation will include changes for the company's Technology, Marketing, Finance, and People & Culture teams. ([View Highlight](https://read.readwise.io/read/01jmddbxb5qzvgrp83q5tsh2a0))
+- We must remain the undisputed Marketplaces leader in each of our core markets. We will do this by relentlessly focusing on: Enhancing the consumer and customer experience through innovation; Increasing the value we provide across our Marketplace businesses; [and ]Driving sustainable, long-term growth. ([View Highlight](https://read.readwise.io/read/01jmddc8ydk2h3qa6vnh3cqqjc))
+- "To sharpen this focus, we will direct all our energy, resources, and talent towards our Marketplaces in Singapore, Malaysia, Vietnam, and Thailand. As a result, initiatives outside of this core will be phased out or discontinued. ([View Highlight](https://read.readwise.io/read/01jmddcfk0hsfa7hyb52bavthy))
+- We have made the difficult decision to discontinue Sendhelper, Data & Software Solutions, and PropertyGuru Finance. However, select capabilities from these businesses that enhance our Marketplaces will be retained. ([View Highlight](https://read.readwise.io/read/01jmddcjwxrt4yj63wemk29est))
+- "As we transition to a private company, we will phase out Corporate Development and Investor Relations, as these functions are no longer required.
+  "To accelerate the success of our core Marketplaces, we will reorganise teams across Technology, Marketing, Finance, and People & Culture to improve focus and efficiency. Our commitment to our Tech CoE in India remains unchanged. ([View Highlight](https://read.readwise.io/read/01jmddcyhnr3fnkpz8fgdg6hk6))
+- "Regrettably, these changes will affect 174 Gurus, representing less than 12%of our team. This was a difficult decision, made after deep consideration of what’s necessary for our long-term growth and success. ([View Highlight](https://read.readwise.io/read/01jmddd59mkf2pqdmqv7z809dn))
+- Healthy revenue growth at PropertyGuru has historically been driven primarily by its clear market leadership in its native Singapore, where revenues have risen steadily quarter-on-quarter since 2023.
+  But the Group has struggled to scale in other segments and markets, and full-year revenue growth slowed considerably in 2023:
+  Now operating behind closed doors, PropertyGuru's future performance will be harder to judge on a segment-by-segment level. However, Mather's decision to retain all the company's marketplace operations for the time being indicates that PropertyGuru has a plan to improve performance across borders under its new ownership—for now at least. ([View Highlight](https://read.readwise.io/read/01jmdddxtpd7znabtggpea7ry2))