Singaporean proptech Ohmyhome debuts on NASDAQ

CEO Rhonda Wong discusses plans for expansion and growth in Southeast Asia after the IPO.

Ohmyhome, a Singaporean property transaction platform, debuted on NASDAQ last March, making it the first Singaporean company to do so in 2023.

Interviewed by the Singapore Business Review, CEO Rhonda Wong said the company’s decision to go public is tied to its plans for the future and its goal to continue building long-term value for shareholders and make a positive impact on the way people transact properties.

Wong explained that going public provided greater benefits than a private RBC (responsible business conduct) round.

Whilst the IPO process took over a year, during which the company had to navigate a stagnant market, it became an opportunity to increase brand awareness and credibility, she said.

Wong highlighted that Ohmyhome’s business model is resilient to market fluctuations, as it primarily serves the mass market where high-quality and standard property transaction services are required regardless of market conditions.

Since its inception in 2016, Ohmyhome’s vision has been clear: to become the most trusted and comprehensive property solution for everyone.

Wong emphasised that the company's growth and expansion into agent services, mortgage, legal services, and renovation came about due to customer demands, not because of plans to get listed on NASDAQ.

Regarding the company’s long-term goals, Wong stated that the funds raised from the NASDAQ debut will help Ohmyhome double down on its technology and expand its service offerings across Southeast Asia and beyond.

The company is also actively looking for M&A (merger and acquisition) opportunities and expansion across different market sectors in Singapore.

In light of economic uncertainties in 2023, Wong explained that Ohmyhome’s core business is not sentiment-driven but need-based.

The company focuses on commissions and renovation revenue, which are key areas that consumers spend on each time they move homes. This focus helps Ohmyhome remain resilient during market fluctuations.

Proud of its track record, Wong said Ohmyhome has completed over 11,600 transactions, has over 8,000 genuine customer reviews, and boasts a gross transaction value of over $2.5b.

As advice to fellow entrepreneurs, especially women, Wong encouraged entrepreneurs to focus on building a good company that has a positive impact on the community, rather than worrying about gender.

“Start a business that you truly believe in, one that solves a real problem and a solution that is welcomed by the community,” she said.