Online realty portal Housing will apparently layoff 600 employees over the next three months as it looks to impede cash burn and focus on building core technology.
The Housing board, which after months of chaos decided to fire former CEO and co-founder Rahul Yadav, is now undertaking a massive restructuring of the company and scrutinizing the performance of employees across departments.
The three-year-old company currently employs 2,600 people and is laying off a big chunk of its workforce due to the shutting down of non-core businesses, underperformance and overstaffing.
Housing has increased focus on revenue generation and in building on advertising business. Since Rahul Yadav’s departure, the company has shut down its commercial spaces, short stays and land businesses apart from ceasing operations in smaller towns.
It is estimated that 160 of the planned 600 layoffs will come from shutting down of businesses and from locations where it has shut operations.