PropertyGuru, Singapore's leading real estate tech organisation, has announced its exit from the Indonesian market. This includes the shutdown of Rumah.com and the discontinuation of operations for its SaaS product Fastkey.

In a statement released by PropertyGuru, Hari V. Krishnan, Group CEO and MD, stated, “Our Marketplaces business in Indonesia, operating as Rumah.com, will cease operations on November 30, 2023. Our goal is to minimise the impact on our 61 Gurus from our Indonesia Marketplace business. We're offering them enhanced packages, healthcare support, and assistance in transitioning to new opportunities. Until November 30, 2023, we will continue to serve our Rumah.com agent and developer partners to ensure minimal disruption to their business operations. Subsequently, we will refund the fees they have paid according to their respective contracts. For our vendor partners, we will fulfil the dues as per individual contractual commitments.”

On ceasing Fastkey's operations, Krishnan stated, “We have also made the difficult decision to sunset FastKey, one of our SaaS products, across all our markets. We will honour our commitments to all existing customers before ending FastKey operations in Indonesia on July 31, 2024, and in Malaysia and Singapore on October 15, 2024.”

Furthermore, the Proptech company will continue to host the PropertyGuru Indonesia Property Awards, and there will be no effect of these business decisions on the full-year 2023 financial outlook, as reported.

CEO Krishnan announced the extension of support to the 61 Gurus of the Rumah.com team, offering enhanced severance packages, medical insurance, our employee assistance program, as well as personal consultants and resources to find new opportunities.

These strategic business decisions are part of the review and streamlining of PropertyGuru's operations. Now, the company's focus shifts to the next phase of growth and the reprioritisation of resources."