Bangalore-based real estate startup, Grabhouse, has reportedly laid off over 100 employees as the company is trying to build stronger technology solutions; most of these employees were mainly from the operations team.
In an official response to Inc42, Grabhouse stated,
We have been forced to layoff employees due to restructuring of our business. This has been a tough decision for us and we are doing all we can to help people who have been let go. We have organised a special recruitment team to help these employees find their next role as soon as possible and will continue to support this effort any way we can.
The company’s focus is mainly on creating better technology solutions that can connect home seekers and owners in the most efficient manner possible. However, this decision will ensure that its customers and services remain unaffected.
Grabhouse, which recently shifted its base to Bangalore, was founded in 2013 by Prateek Shukla and Pankhuri Shrivastava. It is a community-based online exchange for finding rented accommodation which offers a broker-free and transparent experience to house hunters seeking rented or shared accommodation.
Earlier in October, the company had raised $10 Mn (INR 65 Cr.) in Series B round from its existing investors, Sequoia and Kalaari Capital. The funds raised in this round were said to be utilised to strengthen its presence in existing cities, build technology capability and launch new verticals. As per the company, it attracts a monthly traffic of 1.5 Mn visitors closing about 85-90 deals on a daily.
Prior to that, it had raised $2.5 Mn in Series A round from Kalaari Capital and India Quotient, in January this year.
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