Housing.com to cut 600 jobs, restructure business
10 August 2015
Weeks after Rahul Yadav, CEO of Housing.com was forced out, the online portal plans to lay off 600 of its 2,600 employees over the next three months as part of its business restructuring and cost-cutting measures, say reports.
Housing.com will cut jobs across business verticals and even shut down several of its non-performing business verticals such as its commercial properties, short stays and land businesses, and focus on its core technology and product.
A CNBC-TV18 report citing sources said a few employees working in these verticals have been asked to either move to the digital or tech teams, or quit.
The idea is to cut flab and streamline operations by doing away with non-viable operations and monetise some of the non-core assets in the process.
The clean-up will also make Housing.com better equipped for fresh funding.
The company will be shutting three verticals - commercial, land and short stays.
Housing.com is also planning to focus more on larger cities, going ahead.
Reports, meanwhile, said SoftBank, which owns about 32 per cent stake in the company, has agreed to invest another $30 million in the company, provided Housing.com meets certain operation targets in the next three months.