Breaking News Lays Off 200 Employees for Business Restructuring

img Lays Off 200 Employees for Business Restructuring

Bengaluru, India | Red Newswire | Nov 21, 2015 Last Updated at 10:25 PM IST.

The real estate site has laid off 200 employees saying it is restructuring its business model and wants to put the focus on core business i.e., property sales. The company says it wants to cut down the other verticals i.e., listings and rentals.

The Softbank backed company has laid off around 800 employees since last 4 months. Jason Kothari, CEO of said, “” will now be laser focused on solving the pain points in home buying and selling, the largest real estate segment, and we are excited about the potential impact our solutions could have on consumers, developers and agents across the country . We will be reorganizing the company to fit this new focused strategy and, to this end, expect to reduce our workforce.The company values the contributions of its talented team and will do everything it can to support its departing team members.”

The company has already done some layoffs in product, operations and marketing departments. After this, the employee strength of the company will reduce to 1,700.

The company said in a statement, “”Furthermore, will be reorganizing its teams to more efficiently execute this new focused strategy and, as a result, will be reducing its employee base.”

Post management turbulence in the company and exit of Rahul Yadav, former CEO, the investors have been asking the company to cut the unnecessary costs and give attention to core business. The Mumbai – based company has already shutdown land business, short stays and commercial properties.

Source: TNN

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