600 Housing employees to lose job. Here’s why

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.

Housing has so far raised more than Rs 760 crore ($120 million) in funding and is valued at over Rs 1,500 crore.