600 Housing employees to lose job. Here’s why
Advertisement
Advertisement
Housing.com employees would soon be facing rough times as the realty portal is all set to lay off at least 600 employees in the months to come. Sources informed The Economic Times that the realty firm is stepping up its focus on its core technology and product.It will now focus more on revenue-generation and building an advertisement business and shut down its properties, short stays and land businesses. Sources also opined that the large cities and towns would be prioritized and operations in smaller cities to be stopped.
"While some people have been asked to leave because businesses are being shut down, others because of underperformance and in some cases due to overstaffing," a top executive of the company told the ET.
A management representative at Housing said the company was laying off 160 employees in non-core businesses that it plans to shut. The three year-old startup employs about 2,600 people.
Another source has informed that Housing is laying off underperformers in its engineering and product divisions and has fired operations staff it had hired for expanding to new cities.
Advertisement
Housing has so far raised more than Rs 760 crore ($120 million) in funding and is valued at over Rs 1,500 crore.
Advertisement
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- An Ambani disruption in OTT: At just ₹1 per day, you can now enjoy ad-free content on JioCinema
- RBI announces auction sale of Govt. securities of ₹32,000 crore
- Catan adds climate change to the latest edition of the world-famous board game
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- JNK India IPO allotment – How to check allotment, GMP, listing date and more
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market