wordpress blog stats
Connect with us

Hi, what are you looking for?

, , ,

Because of demonetization, Housing is relaunching rental listings

Housing (1)

Online real estate portal Housing.com is re-launching rental listings after it suspended home rental business in November 2015. Last year the company claimed that the closure of its rental business was a “strategic decision” in order to focus more on the home buying & selling segment.  It plans for re-entry by early next year, although an exact timeline was not provided.

Housing said in a statement that the government’s demonetization move is expected to cause a major slow-down in the home-buying and selling segment. This would likely shift growth to the home rental space, “making it an opportune time to re-launch the rentals business,” the company added.

“While the Company had planned to re-launch rentals towards end of next year, the government’s recent demonetization move has led to an advancement in the plans,” Housing said in its statement.

Compared to last year, the company claims its revenues has grown by 400%, and that it cut operating costs by 70%. It claims that website traffic grew from 1.3M users last year to 4.1M in this year and the number of homes listed have increased from 110,000 to 630,000. Housing credits this increase to its strategic shift from rental to buying business that it initiated last November.

 Exits and hires post strategic move

 After laying off around 160 employees in August 2015, the company went onto shutter its rental business with more lay-offs in November. In the same month, Housing appointed Jason Kothari as chief executive officer following the tumultuous exit of the company’s co-founder and CEO Rahul Yadav. In March this year, Housing’s co-founder Advitiya Sharma quit the company, and just a month later in April , three other co-founders quit the company, reportedly to pursue a new venture.

Advertisement. Scroll to continue reading.

In between the exits, the company went on to hire Reliance Jio’s Vivek Jain as Chief Product & Technology Officer in August. It also made two executive hires in May:  Dilip Tuli as Senior Vice President – Strategy and New Business Initiatives and Ashish Laghate as Assistant Vice President – Product. Housing previously elevated its co-founder Snehil Buxy as Chief Product Officer in January. It also promoted Mani Rangarajan as the Chief Business Officer in October 2015.

 Funding rounds

The company raised money in two different instances in the last one year that it shut-down rentals: i)An undisclosed amount of funding from Vineet Singh, co-founder and CEO of Buildzar in April 2016; and ii) A Rs 100 crore in funding from Softbank, its largest investor in January 2016.

Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.



Releasing the policy is akin to putting the proverbial 'cart before the horse'.


The industry's growth is being weighed down by taxation and legal uncertainty.


Due to the scale of regulatory and technical challenges, transparency reporting under the IT Rules has gotten off to a rocky start.


Here are possible reasons why Indians are not generating significant IAP revenues despite our download share crossing 30%.


This article addresses the legal and practical ambiguities in understanding the complex crypto ecosystem in India.

You May Also Like


Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...


135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...


Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...


By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Your email address:*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ