Real estate portal Housing has dissolved the operating committee set up by investors to oversee management. The operating committee was constituted this May, after trouble started at the company with the CEO Rahul Yadav tendering his resignation from the company. The five-member committee, led by SoftBank’s Jonathan Bullock, controlled the finances and operations of the company on a weekly basis.
However, on reaching out to the company, it declined to comment and did not confirm this development.
Ritesh Banglani, partner at Helion Ventures and a board member at Housing told ET, “The operating committee was constituted to help the company navigate through a difficult management transition, and ensure stability and continuity during that period. (Now) the board has complete confidence in the management to independently lead the organisation and has recommended dissolution of the operating committee.”
The company’s board now includes new CEO Jason Kothari, Jonathan Bullock, Ritesh Banglani, Nexus Venture Partner’s Suvir Sujan and Housing’s co-founder Abhishek Anand. Out of the nine co-founders, only three hold top management positions in the company, with Anand as the chief technology officer and board member, and Amrit Raj, head of digital marketing and Ravish Naresh, CEO of the IREF division.
The company has also made additions to its senior management team including Mani Rangarajan (CFO), Nikhil Rungta (CMO), Nandini Mehta (General Counsel), Abhishek Hota (Chief of Staff) and Keerthi Kiran (VP-New Real Estate Projects).
Recently, Housing has laid off over 200 employees as it restructures & shifts its focus on its home-buying and selling segment, according to our sources. This layoff is also meant to drive further efficiency across the company. With this development, the company will be reorganising its teams to execute this new strategy.
Housing’s most competing players in this space are Google Capital-backed CommonFloor and InfoEdge-backed 99acres. Despite these players being in the business for over four to five years, Housing has managed to raise more funding than both of its rivals.
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