Look Up days will be over soon for several Housing.com employees as the company is gearing up to lay-off many of it 2,500 staff members in 50 cities. The online real estate portal will stress on only home buying and selling segment from hereon. However, the company didn’t set the record straight on number of employees it is planning to let go.
“The company is restructuring to focus on the home-buying real estate segment and drive further efficiencies across the company. Furthermore, Housing.com will be reorganizing its teams to more efficiently execute this new focused strategy and, as a result, will be reducing its employee base”, Housing.com said in a statement.
Housing.com will be shaking up its teams to ensure more efficient execution on its new indemnifying strategy. In this restructuring phase, the reality portal is set to scaling down PG, Hostels and rental businesses. Launched in 2012, Housing.com has so far raised Rs. 670 crore funding and its current valuation stand at over Rs. 1,500 crore.
“Housing.com will now be laser focused on solving the pain points in home buying and selling, the largest real estate segment and we are excited about the potential impact our solutions could have on consumers, developers and agents across the country, ” said Jason Kothari, newly appointed chief executive officer at Housing.com.
Company has been on media radar for quite some time now that too for all the wrong reasons. Now post the top management juggle, it has firmly set eyes on core business, increasing revenue generation opportunities and strengthening advertisement business.