Besides ceasing Rumah.com, PropertyGuru will shut down the SaaS platform, FastKey, in Indonesia on July 31st, 2024, and Malaysia and Singapore on October 15th, 2024.
Heaptalk, Jakarta — A Prop-tech startup PropertyGuru will soon seal its marketplace service in Indonesia, Rumah.com, this coming November. This decision will also impact the termination policy for 61 employees from the Rumah.com business unit.
“Our marketplace business in Indonesia, which operates as Rumah.com, will cease operations on November 30th, 2023. This decision has not been taken lightly, and we recognize the impact it will have on our valued Gurus and customers, who we have served for over a decade,” said the CEO Group, who also served as Managing Director of PropertyGuru, Hari Krishnan.
To appreciate the impacted team of Rumah.com, the company has provided its enhanced severance package. This facility is higher than statutory severance pay of one month for each year of service, capped at nine months. The PropertyGuru will also grant other facilities, including:
- A goodwill payment based on years of service
- One month performance bonus for non-sales and full commission for August and September for all sales team.
- Medical insurance extension and employee assistance program provision (Thrive) for an additional three months from the team’s last date of employment.
- Outplacement service for three months with a personal consultant to back each Guru on career transition and job search.
Until the end of November 2023, the CEO claimed his party would continue to serve Rumah.com agent and developer partner to ensure minimal disruption to their business operation. After that, the company will refund the fees they paid according to the contracts. For the vendor partners, the company will pay the dues as per individual contractual commitments.
Besides ceasing the Rumah.com unit, PropertyGuru will also sunset its software-as-a-service (SaaS) platform, FastKey, in Indonesia on July 31st, 2024, and in Malaysia and Singapore on October 15th, 2024. As it is known, Faskey is a platform that offers a range of the latest technology products and services, enabling automation from the time a property project launches to the closing process.
“As we move forward, we are engaging in conversations with the affected FastKey team members, exploring redeployment opportunities within the Group and ensuring that they are supported throughout this period of change. These business decisions are not expected to have a material impact on our full-year 2023 financial outlook,”
The company will continuously review business progress and periodically streamline operations. However, PropertyGuru also remains prudent to re-prioritize resources where they are needed to boost businesses that have demonstrated the potential to achieve growth that can generate solid economic value.
