[caption id="attachment_56235" align="alignleft" width="442"] (From left) Housing.com co-founders Abhishek Anand, Ravish Naresh and Sanat Ghosh have exited to start a new venture. Picture courtesy of Techcircle.in[/caption]
Housing.com co founders Abhishek Anand, Sanat Ghosh and Ravish Naresh have left the languishing company to start a new venture.
Anand was Housing.com chief technology officer, while Naresh was chief executive officer of Indian Real Estate Forum, which was acquired by the real estate portal last year. Ghosh was assistant vice-president product.
“Abhishek, Ravish and Sanat played an important role in building the foundation of Housing.com. They are moving out to pursue their new dream of starting another new venture,” Housing.com CEO Jason Kothari told Techcircle.in in an email.
The latest departures come just one month after co-founders Advitiya Sharma quit the company to pursue a new business.
Just three of the 12 IIT-Bombay alumni who launched Housing.com in 2012, remain with the company. These are Chief Product Officer Snehil Buxy, who was promoted to the position in January this year, Head Data Operations Jaspreet Saluja and Head of Digital Marketing Amrit Raj. None of the remaining founders hold board positions.
Four co-founders exited the startup in 2014 and in July last year, Housing.com investors fired co founder and former CEO Rahul Yadav after a public confrontation over so-called "bad behaviour".
Housing.com has made numerous changes to its senior management team since then, including the addition of CFO Mani Rangarajan chief marketing officer Nikhil Rungta, general counsel Nandini Mehta and chief of staff Abhishek Hota.
In addition, the company appointed Jason Kothari its new Chief Executive Officer. Kothari joined as Chief Business Officer in August last year, was re-designated interim CEO along with Rishabh Gupta, then unanimously appointed CEO by the Board of Directors in November.
Faced with high cash burn and low returns, Housing, under Kothari, has cut jobs, shut businesses and scaled down operations to focus exclusively on apartment sales.
In April, it appointed Vineet Singh, former executive vice president and business head of rival real estate website 99Acres.com, as senior adviser.
Singh, also MD of building materials startup Buildzar, has an undisclosed stake in the realty portal having contributed to a fresh round of funding in January which raised Rs 100 crore ($15 million) from Japanese internet and telecom conglomerate Softbank.
The funding was intended as a bridge to enable Housing.com to run its operations while exploring options including merging with e-commerce marketplace Snapdeal, another SoftBank investee company. Snapdeal founders Kunal Bahl and Rohit Bansal, too, are investors in Housing.
As per media reports, Housing.com is now looking to raise a new round of funding. On the other side, their are also rumors that Snapdeal is in final stages of acquiring its Mumbai-based parent company Locon Solutions Pvt. Ltd.
Housing competes with PropTiger, MagicBricks and other realty portals. News Corp, which acquired the parent of this website, has a significant minority stake in PropTiger.