Housing.com has undergone quiet a many sharp changes in last few months to manage its operations efficiently and to dig out better cashing strategies. In another such move, Housing has decided make some internal changes, including another unfortunate layoff, to steer its focus on the home buying real estate segment.
As per Housing, home buying is the largest and most lucrative segment in Indian real estate sector. And in order to tap into this segment, Housing is restructuring itself and executing another layoff. However, the company declined to provide the exact figure for the employees it is about to fire.
Housing’s newly appointed CEO Jason Kothari told ET –
Housing.com will now be laser focused on solving the pain points in home buying and selling, the largest real estate segment, and we are excited about the potential impact our solutions could have on consumers, developers and agents across the country.
We will be reorganizing the company to fit this new focused strategy and, to this end, expect to reduce our workforce. The Company values the contributions of its talented team and will do everything it can to support its departing team members.
Housing has made some hefty layoffs in a period of six months. It fired around 200 employees last month, justifying the move as a cost cutting strategy. Another 600 employees lost their jobs 4 months earlier as Housing decided to shut departments like commercial properties, short stays and land business.
These sharp changes highlights the distress that the startups are experiencing, resulting to such strategic changes and unfortunate layoffs. This also underscores the low security in jobs being experienced by employees working in startups, who often fall prey to company’s steep strategic changes. TinyOwl, Zomato and a number of other startups handed over pink slips to their employees as a result of such strategic changes.
While Housing has laid off great many number of employees, it has also managed to hire top-notch executives of the industry. Keerthi Kiran was appointed as the vice president of new real estate projects division in September while Abhishek Hota was promoted as the new Chief of Staff early this month. Other hires include Mani Rangarajan as Chief Financial Officer, Reliance Jio’s Nikhil Rungta as chief marketing officer and Nandini Mehta as General Counsel.