Realty portal Housing.com will restructure its business to focus only on buying and selling of apartments, and also reduce its employee strength.
SoftBank backed-Housing.com, which was founded in 2012, provides independently verified listings of homes. It has presence in 50 cities with about 2,500 staff members.
“The company is restructuring to focus on the home-buying real estate segment and drive further efficiencies across the company”, Housing.com said in a statement.
“Furthermore, Housing.com will be reorganising its teams to more efficiently execute this new focused strategy and, as a result, will be reducing its employee base”, it added.
The company however did not specify the number of employees it would reduce.
“Housing.com will now be laser focused on solving the pain points in home buying and selling…We will be reorganising the company to fit this new focused strategy and, to this end, expect to reduce our workforce”, the portal’s new CEO Jason Kothari said.
The company values the contribution of its talented team and would do everything it can to support its departing team members, he added.
Earlier this month, Kothari was promoted as the new CEO. The appointment came four months after Housing.com board on July 1 sacked co-founder and then CEO Rahul Yadav. Later, Rishabh Gupta was appointed as an interim CEO in July.
Stating that home-buying is the largest and most lucrative segment in Indian real estate, the company said the strategic change would allow the company to focus its resources on gaining market leadership in this space.
In the last few months, it has made numerous additions to its senior management team, including Mani Rangarajan, Chief Financial Offer, the company said.
The portal has raised over $100 million in capital from investors, including SoftBank.