Realty portal Housing.com has confirmed that it is letting go of 160 employees at the company as it plans to focus on its core products. Earlier the Economic Times had reported that the Mumbai-based startup was letting go of 600 employees over the next three months. The report added that the commercial properties, short stays and land businesses have been shut down and that they have streamlined focus on large cities and towns while ceasing operations in smaller cities.
Housing.com representative in statement said that the company will be helping the employees affected by the restructuring with financial and job search support.
As we continue to bring clear focus on our CORE product, all our efforts are centred around bringing efficiencies to our business, as these are key to our long-term success. In doing same, we have identified some non-core business areas which we do not intend to continue and from this proactive position we are doing our best to take care of these 160 employees, including financial and job search support, which we hope will provide a foundation as they pursue their next professional role.
However, MediaNama had received an anonymous tip-off that the number of staff cuts could be as high as 1,100 and most of the people who would be affected would be the company’s ground and operational staff. The tip-off added that most of the ground and operational staff were hired from telecom and FMCG companies with nearly 50-60% pay hikes.
Following the tumultuous exit of the company’s co-founder and CEO Rahul Yadav, Housing is is currently run by an executive committee that controls its finances and operations. The committee is led by SoftBank’s Jonathan Bullock, interim CEO Rishabh Gupta, Housing’s angel investor Haresh Chawla and chief technical officer Abhishek Anand.
Housing.com currenty employs 2,600 people and has raised $139.5 million from four rounds funding with a valuation of around Rs 1,500 crore. The company acquired Delhi-based real estate analytics portal Realty Business Intelligence in May and in March Housing bought realty-focused online community Indian Real Estate Forum (IREF) for Rs 8 crore.