Vineet Singh, Executive vice president and business head of Info Edge's* online real estate business 99Acres has resigned from the company. Info Edge MD & CEO Hitesh Oberoi has confirmed this development to Medianama. It's currently not clear on what Singh plans to do next or who will be replacing Singh at 99Acres. Singh had joined Info Edge as senior vice president of sales and business & International business head of the company's recruitment business Naukri.com, Naukrigulf.com and matrimonial business Jeevansathi.com in 2000. He was appointed as the EVP and business head of 99Acres in April 2008. Prior to Info Edge, Singh's had stints at Xerox and Thomas Cook India. Singh's resignation comes at a time when Info Edge is investing significantly on 99Acres amid competition from traditional players like Times Group owned MagicBricks and new players like Housing & CommonFloor. The company had recently raised Rs 750 crore through qualified institutional placement (QIP) and had stated plans of using this capital to invest in organic and inorganic growth opportunities in existing businesses, with particular focus on 99acres. Yesterday, Info Edge had issued a communication to its shareholders detailing how it intends to use these funds. Interestingly, one of the objectives was to expand 99Acres senior management team besides growing its product and sales team. Other plans include: - 3D Modelling: Info Edge says that, a few months ago, it acquired a design studio that has “developed proprietary technology for 3D floor plans and walkthroughs” That team has been integrated into 99Acres. Around 30 new projects on its site now have 3D plans. “We plan to increase…
