News Corp-backed realty portal PropTiger has fired about 200 employees as part of a restructuring exercise following its merger with Housing last month. PropTiger’s CEO Dhruv Agarwala, who will lead the combined entity, said that the layoffs will ensure “optimal utilisation” of resources. Agarwala attributed the staff cut to the overlapping support functions of the two organizations, reports LiveMint.
Elara Technologies Pte announced on Thursday this restriction as it keeps its long-term business goal of being the largest full-service online- to- offline real estate platform in India. This comes after the merger between Housing.com and Prop Tiger.com, whose announcements were made last month.
Elara Technologies owns Makaan.com, Prop Tiger.com and Housing.com.
Speaking to PTI, the Prop Tiger CEO Dhruv Agarwala said, “We have made a restructuring exercise to integrate the operations of the two companies.”
When Dhruv was questioned about the staff cut, he confirmed that their headcount is now down by approximately 200 employees from overlapping support functions of the two companies.
“The restructuring will ensure optimal utilization of resources and leveraging of synergies across the merged entity,” added Mr. Dhruv.
Supported by a team of senior executives, Dhruv Agarwala is expected to lead the combined entity as its executive officer.
The new reconstruction of the entity will include two strategic business units- platform and transaction businesses.
Led by Mani Rangarajan as the new chief business officer, platform business will comprise off all broker and developer which face marketing solutions, data labs, consulting and visualization products.
Transaction division will comprise of primary, home loans and resale operations with Bhaskar Bagchi as the new chief business officer of this division.
While the rest of the roles remain unchanged, Sunil Mishra is expected to be the new strategy officer.
“We have a vision of helping the consumers to find their dream home in a transparent and simple manner. Strategic restructuring will lead us to sharper business focus hence taking us to a step closer to realizing that vision,” claimed Agarwala.
After seeing REA Group, which is the leading digital real estate player in Australia, the merger decided to come on board as a strategic investor with the aim of joining the existing corps such as SoftBank, SAIF Partners, Nexus Venture Partners, News Corp and Accel Partners.
In fresh investment, the joint entity is said to have received $55 million to be used in further strengthening of the organizations core capabilities and brand.
Full range of both online and offline services in real state space are offered by Elara Technologies. The services includes: legal and financial diligence, virtual viewing, site visits, property registration, negotiations, personalized search, home loans and post-sale services.