India: Snapdeal shuts down Shopo; PropTiger lays off 200 employees

E-commerce major Snapdeal has shut down its marketplace Shopo, while realty portal PropTiger has laid off 200 employees after its acquisition of Housing.com.

Snapdeal shuts down marketplace Shopo

After a year and a half of its re-launch Indian e-commerce major Snapdeal has pulled down the shutters on its C2C marketplace Shopo.

As the battle in the e-commerce space heats with leading players Amazon and Flipkart pumping in huge sums of money, Snapdeal, which has been facing financial pressures itself, has been aggressively looking to costs.

In a blogpost Shopo said, “The e-commerce market in India will continue its robust growth. However, we realize that it will take some more years for a broader ecosystem to develop around the C2C segment. It is tempting to go on, but it is often beneficial to pause, take stock and plan ahead for greater success. It is time for us to pause the Shopo journey for now.”

SoftBank-backed Snapdeal, which had acquired Shopo in 2013, said it has absorbed all Shopo employees.

In 2015, Snapdeal, had announced a $100 million investment in the commission-free marketplace it re-launched in July 2015.

Realty portal PropTiger lays off 200 employees

Soon after its merged Softbank-backed Housing.com with itself, realty portal PropTiger has laid off 200 employees, according to a Press Trust of India report.

According to the news report, the move comes as a part of the NewsCorp-backed firm’s restructuring exercise to ensure “optimal utilisation” of resources in the combined entity.

“We have made a restructuring exercise to integrate the operations of the two companies.” Asked about the staff cut, he said: “Our headcount has come down by about 200 people from overlapping support functions of the two organisations,” PropTiger.com CEO Dhruv Agarwala told PTI.

“This restructuring will ensure optimal utilisation of resources and leveraging of synergies across the merged entity,” he added.

In early January, PropTiger announced the acquisition of Mumbai-based Housing.com in an all-stock deal, and said it would receive $50 million in fresh funds from News Corp.’s REA Group Ltd and $5 million from Softbank Group.

“Our vision is to help consumers find their dream home in a transparent and simple way. Strategic restructuring leads to sharper business focus that will take us a step closer to realising that vision,” Agarwala said.

Also Read:

Indian e-commerce major Snapdeal to invest $100m in Shopo 

India: PropTiger buys Softbank-backed Housing in all-stock deal worth $70m-$75m

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.