Housing Layoff - 600 Employees Will Be Shown Pink Slips In 3 Months

So the news circulating in the social media is that Housing.com - the company that Rahul Yadav bought to fame will start reorganisation. As a part of it, about 600 employees of the company that currently employs about 2600 will be shown pink slips. The company is seemingly doing this to focus on profitability, core competencies and to limit the cash burn. The company's shutting down commercial places business along with short stay and land business. The company's said to be shutting down its small-town offices as well.

ET has reported that some of the employees have already been asked to leave the company as the businesses are shutting down. Other employees are being evaluated for their performance and many will be asked to leave.

This is an interesting development at Housing after Rahul Yadav was fired. The company is said to be focusing now on building its advertisements business for revenue generation. Some extra focus will be given to advancement of core engineering too.

I wonder whether Housing.com will be able to survive against the fierce competition from rivals like 99acres, MagicBricks etc. So much for a 3 year startup, huh?