10 February 2017, India:
Just a month after the merger with Housing.com, PropTiger has begun to rationalize its workforce by laying off around 200 employees as per a report.
“As with all mergers, there are some overlaps, and the resource optimization is to leverage the available synergies and complementary skills.We have stated earlier that there will be a minimal impact on our talent pool. We highly value each and every individual for their contribution, and will provide full support to each one in every way possible,“ said the company’s official statement.
PropTiger.com CEO Dhruv Agarwala said, “This restructuring will ensure optimal utilization of resources and leveraging of synergies across the merged entity.” The combined entity will be led by Dhruv Agarwala as the chief executive officer and will be supported by a team of senior executives. The entity will now be restructured into two strategic business units—platform and transaction businesses.
The News Corp-backed company has given two months’ salary in advance to those terminated, said a source familiar with the matter. Cost-cutting is being attributed as the main reason behind layoffs. However, speculation is rife that the company is fast burning its existing funds.