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 this coverage to several hundred projects over the next few months.” Some deployments here and here.
– Resale, rental, New projects platforms: the company is investing behind customising the experience for resale, rental and new projects, given that each customer comes with different expectations from 99Acres, “in terms of information quality and expected time to close the transaction.”
– Map search: “Version 1 of our map search is planned to go live next month. We have already started working on the next version.”
– Expanding coverage: The company is targeting another 15,000 new projects / “ready to move in societies” over the next few months. It has over 13,000 new projects and over 23,000 ready to move in societies on its projects platform”, it says.
– Increasing owner listings: the company has over 550,000 active listings, posted in the last two months. Of these 1,20,000 are owner listings. It says that the “proportion of owner listings is likely to increase in the coming months.”
– Verified listings: have been rolled out in Chennai, Hyderabad, Kolkata and Pune in the last 3 months, taking the overall coverage of verified listings to seven cities. They plan to add more listings.
*Disclosure: Info Edge is an advertiser with MediaNama