Housing to sack 600 employees

The start-up plans to shut down non-core areas like commercial properties, short stays and land businesses, reports Tech in Asia

Weeks after firing CEO Rahul Yadav, the board of Housing, one of India’s top web companies, has decided to sack 600 employees, according to a report in The Economic Times.
 

“The rationale behind the restructuring is three-fold. Walk away from verticals that are not generating revenues and clean up the operations to get ready for fresh rounds of fundraising. And three: monetize assets as the flab is cut away,” an unspecified Housing source told Firstpost.
 

The three-year-old start-up plans to shut down non-core areas like commercial properties, short stays and land businesses. A few of the people working in these verticals have been asked to either move to the digital or tech teams, or quit. It will also cease operations in smaller cities and streamline its focus on revenue-generation and building an advertisement business in large cities and towns.
 

 

Among the ones sacked are underperformers in its engineering and product divisions and operations staff it had hired for expanding to new cities.

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This is an excerpt from Tech in Asia. You can read the full article here.