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Housing.com Announces Layoffs, Shuts Down Rentals

Housing.com Announces Layoffs, Shuts Down Rentals

By Gadgets 360 Staff | Updated: 19 November 2015 17:41 IST

Real estate listings platform Housing.com announced Thursday its restructuring plan to focus purely on the home-buying segment.

Housing.com said that it will be reducing its employee base, and reorganising its teams to more efficiently execute this new focused strategy, but did not divulge the extent of layoffs at the company. According to our sources, a definite number hasn't been arrived at yet. In their most recent press statement, Housing.com had announced that they had 2,500 employees in 50 cities.

At least one Housing.com employee took to Twitter to vent about the news, and immediately deleted the tweets, not before our staff were able to snag a screenshot.

"Housing.com will now be laser focused on solving the pain points in home buying and selling, the largest real estate segment," said Jason Kothari, Chief Executive Officer, Housing.com, in an emailed statement.

With a host of startups focused on breaking the broker cartel, it certainly seems like a declining revenue stream. With its recent acquisitions - Realty Business Intelligence, India Real Estate Forum, and HomeBuy360 - the company considers itself firmly positioned to solve the challenges facing stakeholders in the home-buying market.

Housing.com doesn't have a specific timeline for when rentals and PG accomodations will be de-listed from its website and app.

Founded in 2012, Housing.com has raised over $100 million (roughly Rs. 661 crores) in VC funding from SoftBank, Nexus Ventures, Falcon Edge, Helion Ventures, Nirvana Ventures, Qualcomm, DST founder Yuri Milner, Viacom 18 co-founder Haresh Chawla, Snapdeal founders Kunal Bahl and Rohit Bansal, among others.

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Further reading: Apps, Falcon Edge, Helion Ventures, Home Buying, Housing.com, India, Internet, Layoffs, Nexus Ventures, Nirvana Ventures, Qualcomm, Real Estate, Softbank, Startups, Housing