India: Three more Housing.com co-founders decide to quit

Visual from Housing.com website

Abhishek Anand, Ravish Naresh and Sanat Ghosh, co-founders of Mumbai-based real estate portal Housing.com, owned and operated by Locon Solutions Pvt. Ltd, quit the company two weeks ago to start their own venture.

The company confirmed this in an email. The news comes a month after another co-founder Advitiya Sharma left Housing.

The four co-founders have left within a year of co-founder and chief executive officer (CEO) Rahul Yadav being asked to leave by the board in July 2015.

“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. I sincerely thank them for their contributions and wish them the very best. I am sure what they undertake next will be as exciting as Housing,” current CEO Jason Kothari said in an email.

Under the leadership of Kothari, who was appointed chief executive in November last year, the focus of the company has been to build revenue. Housing.com started out as a listings portal, but has changed its model to allow users to buy and sell homes.

The change in model has been accompanied by a change in senior management. Chief financial officer Mani Rangarajan, chief marketing officer Nikhil Rungta and general counsel Nandini Mehta are all relatively new.

Acknowledging the changes, and in a sign of faith, Japan’s SoftBank Corp., the main investor in Housing.com, pumped in an additional Rs.100 crore into the company.

Mint reported this month that Housing.com might look to raise another round of funding by the end of the year.

The last round raised by the company was of $90 million in 2014, led by SoftBank.

Housing has said it is also is looking to make acquisitions to stimulate growth.

Anand, Naresh and Ghosh held senior positions in the firm. Anand was chief technology officer, Naresh was chief executive officer of IREF (Indian Real Estate Forum), which was acquired by Housing.com last year, and Ghosh was assistant vice-president, product.

“Housing.com was our dream, and we are glad to see that the current Housing.com leadership team is strong, with very accomplished executives working alongside a young innovative team. We are confident that the positive momentum and high-growth at Housing.com will continue as we move on to our next dream, a new venture,” the three said in an email.

Housing was founded by 12 Indian Institute of Technology Bombay students in 2012. Four left by 2014.

With the exit of five co-founders since July 2015, Housing.com now has only three of its original co-founders—Snehil Buxy, chief product officer; Jaspreet Saluja, head, data operations; and Amrit Raj, head of digital marketing.

Also read:

Softbank-funded Housing.com to add senior advisers, eyes acquisitions

Housing.com names co-founder Snehil Buxy as its chief product officer

This article was first published on Livemint.com

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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.