Raising too much money with too much equity dilution ? Check. Brash CEO ? Check. Spat with investors ? Check. Employee layoffs ? Check. After going through virtually every wrong that can happen to a promising but directionless startup, it looks like the new Housing (Old one sans its CEO) is coming back on track.
While the company is planning to lay off as many as 600 employees (160 already gone) from a staff of over 2600, largely due to overstaffing and poor performance, Housing has now got in a key new executive in the form of Jason Kothari. Jason will take over as Housing’s Chief Business Officer.
But before we get further, let us know more of Jason, and how he could be the perfect fit to steer Housing into a new, positive, progressive direction.
Jason Kothari, a graduate from the prestigious Wharton Business School, is the founder & former-CEO of Valiant Entertainment, where he successfully led the acquisition and an impeccable turnaround of former $65 million unit of video game company Acclaim Entertainment.
Acclaim, which shut operations in 2004 and has since been handled by numerous other parent companies, is responsible for some of the most popular early-age video game titles, most notably the AFL franchise and its NFL series.
As a part of Jason’s appointment into Housing, he will be directly reporting to the board of the company.
The company, according to multiple media reports, is reportedly run by an executive committee (and not a standard board) which is led by Jonathan Bullock, India representative of Housing’s largest shareholder and investor, SoftBank. Bullock is joined by Interim CEO Rishabh Gupta, Housing’s first angel investor Haresh Chawla, and chief technical officer Abhishek Anand.
Apart from the latest appointment, Housing has also announced its renewed focus on generating revenues, and as a result, has shut down multiple, non-revenue generating departments. Housing has shut down its commercial properties, short stays and land business.
The company, valued at over $230 Million, has till date raised over $120 Million in multiple funding rounds.