PropertyGuru lays off 79 employees

Affected employees will receive a severance package and extended medical insurance.

PropertyGuru Group is laying off 79 employees, or approximately 5% of its total workforce.

In a message addressed to its employees, CEO Hari V. Krishnan said that this was a result of a “strategic review” and the ongoing reorganisation efforts of the company. 

Affected employees will be given a one-month severance for each year of service, capped at twelve months or their coutnry statutory severance pay, whichever is higher. 

Krishnan also said that they will also receive a 1-month base salary goodwill payment and will be eligible for the 2023 annual performance bonus or sales commission for February and March, where applicable.

Medical insurance will be extended for an additional three months from the last date of employment, or a lump sum payment will be given in lieu.

PropertyGuru also promised an “outplacement service” for three months with a personal consultant to support the affected employees. They will also be allowed to keep their work laptops.

For those on employment visas, PropertyGuru said that they will give them up to 3 months of extended leave without pay based on local manpower laws, as well as repatriation support for them and their dependents, if needed. 

The layoffs are reportedly part of PropertyGuru's strategy to "future-proof" its business amid volatile market conditions and evolving customer needs. The company aims to adapt its strategy to ensure sustainable growth.

PropertyGuru closed down its Indonesia business Rumah in November 2023 and has also announced its intention to retire its SaaS product FastKey in 2024.

The company has further announced plans to shut down "non-scalable and non-profitable" operations, including two out of nine branches in Vietnam. 

In the message, Krishnan also announced their plans to restructure roles in marketing, product, and enterprise sales; and consolidate technology delivery to achieve economies of scale.