Housing.com aims to be profitable within two years
NEW DELHI: Real estate portal Housing.com aims to achieve profitability within the next 18 to 24 months. The company stated that driving profitable growth is a top priority for its management team and that it has a robust plan in place to become cash flow positive by late-2017 to mid-2018.
At the end of last year, Housing.com focused its business on home buying and selling. Subsequently, the company, under a new leadership team, established a single and unified focus on home buying and selling in the top seven metros.
“As part of this exercise, the company discontinued non-core categories like Rent, Land, Commercial, PG & Hostels etc. and improved operational efficiencies across the board. Compared to six months ago, the Company has reduced its cost base by 2/3rds or 67% – while strengthening or retaining all key capabilities for future growth,” according to a statement.
In March, co-founder Advitiya Sharma resigned nine months after the board fired co-founder and former chief executive Rahul Yadav.
The company has made numerous additions to its senior management team, including Mani Rangarajan, chief financial officer; Nikhil Rungta, chief marketing officer; Nandini Mehta, general counsel; and Abhishek Hota, chief of staff.
Of the nine co-founders, five have left the company. Three others hold top management positions Abhishek Anand is chief technology officer, Snehil Buxy is chief product officer, and Amrit Raj is head of digital marketing. None of the founders holds a board position.