Kota Kinabalu: PropertyGuru has reportedly announced the layoff of 174 employees, representing 12% of its workforce, on February 13.
This decision follows PropertyGuru's acquisition by EQT Capital and aims to streamline operations, Business Times reported.
The layoffs will affect employees across the company, with three business units – Sendhelper, data and software solutions, and PropertyGuru Finance – being shut down. PropertyGuru Finance, launched in 2020, focused on mortgage advisory, while Sendhelper, acquired in October 2022, provided home services.
This is the second round of layoffs at PropertyGuru in recent times, with 79 employees let go in February 2024 as part of a strategic review focused on closing unprofitable units.
Affected employees will receive one month's salary per year of service, capped at 12 months, or statutory severance – whichever is higher. They will also receive an additional one month's salary.
