Housing. Com to lay off 600 employees in 3 months, the company focus on its core technology and product tightens its cash burn. Housing.com has 2600 employees on its roll, plans to focus on revenue generation and building an advertisement business. They are streamlining their focus on large cities and towns at the same cities bringing down curtains on smaller cities.
Housing is laying down underperformers in product and engineering divisions. The company has already fired staffs that were hired to take care of businesses in smaller cities. As we know after the exit of Rahul Yadav, the company is managed by a committee of executives that controls finances and operations. Jonathan Bullock, representative of SoftBank heads the executive committee along with the interim CEO and COO Rishabh Gupta, Haresh Chawla and CTO of Housing Abhishek Anand.
At the same time, Housing.com has roped in Jason Kothari, a co founder of comics publisher Valiant Entertainment as Chief Business Officer. He will join the operating committee of Housing and report to the company’s board according to the statement issued by Housing.com
The position fell vacant after the exit of Trip Wagoner, ex Groupon MD left Housing.com early in this year. Meanwhile, Housing.com is in search of Chief Financial Officer and Chief Executive Officer, a post which Rahul Yadav had held since its inception. The company has hired SpencerStuart to find eligible candidates for the post of CFO and CEO.
Housing.com competes several online real estates portals like Commonfloor.com, Proptiger.com, 99Acres and MagicBricks. Housing.com has been valued at INR 1,500 crores and has been funded $120 million of which SoftBank is the major contributor. Housing.com was founded in 2012 by ex-alumnus of Indian Institute of Bombay, of which four of them have left the company.