Singapore-based 99 Group considers buying Vietnam’s Propzy

Propzy is one of a dozen potential targets in Southeast Asia for the group, signaling its intention to expand after raising $37 million in a round led by Gaw Capital.

But the deal is currently in “very early stages” and carries “a lot of uncertainties,” Tech in Asia quoted an insider source.

Any acquisition would require a detailed processes and due diligence, one of the sources told StreetDealAsia.

In June, Propzy dissolved a Vietnamese legal entity related to its direct sales staff and laid off 50% of its employees to restructure its business model following the Covid-19 pandemic.

It has raised a total of $33 million from 11 investors, according to data from startup database Crunchbase. In 2020, it closed a $25 million series A round led by Softbank Ventures Asia and Gaw Capital Partners.

Founded in 2016, Propzy’s technology covers almost every stage of a real estate transaction, from brick-and-mortar sales centers to an online marketplace for listings, as well as enterprise software for property managers and tenants.

99 Group was founded in 2019, and is operating four property platforms across Singapore and Indonesia: 99.co, Rumah123, iProperty, and SRX.