99 Group Closes Funding of 169 Billion Rupiah from GAW Capital and OCBC NISP Ventura

Startups proptech 99 Group announced follow-up funding of $11 million (over 169 billion Rupiah) from GAW Capital and OCBC NISP Ventura. GAW Capital was the previous investor that funded 99 Group in July 2022 in series C round worth $52 million.

In a statement submitted by OCBC NISP Ventura, the company welcomes the 99 Group as part of a big family. This investment will support accelerated growth, expansion, technological advances, team consolidation, and implementation of strategic partnerships and acquisitions of the 99 Group.

"We envision the 99 Group being able to continue serving the Indonesian people with a complete package of empathetic, smart and reliable real estate transaction platforms. We are also very pleased to start a fruitful collaboration with Darius Mahtani Cheung, Wasudewan, and the 99 Group team," the company wrote, Tuesday (14/3).

For the record, 99 Group is a holding company that focuses on industry proptech and specializes in digital property advertising. Based in Singapore, the company operates three business units there, namely 99.co, SRX.com.sg, and iProperty.com.sg, while in Indonesia, there are 99.co and Rumah123.com.

Digitization proptech

Now innovation in the industry proptech not just as listing properties alone, the solution is broader and deeper. One of them is digitizing the KPR process or home ownership financing, they are IDEAL, Tanaku, Ringkas, and Pinhome.

IDEAL for example, helps users calculate property financing costs and installments in detail according to their needs and preferences. The company also provides a platform that allows users to apply for financing at several banks at once.

Innovation proptech starting to target segments that have not yet been digitized. One business model that has also emerged this year is B2B Commerce, which digitizes the supply-chain process for building materials for property development. Some of the startups playing here include Tokban, BRIK, and GoCement.

Another model is to help property owners manage their assets, both in the form of boarding houses and apartments. Platforms such as Travelio, Mamikos (Singgahsini), or Rukita play in this area. In addition to information in the form of listings, they help provide a more efficient rental transaction experience.

As a primary need, residential products are one of the most sought after. It is hoped that the presence of this digital innovation can help various groups of society to overcome the issues they have encountered to meet their housing needs - from the search process to the purchase process more easily and transparently.