Housing.com appoints Jason Kothari as CEO

Interim CEO Rishabh Gupta will be leaving the company effective immediately

In an attempt to turn around Housing.com’s struggling business, the investors at the online real estate website named Jason Kothari as the new chief executive officer (CEO) on Thursday.

Kothari, who has been serving as the chief business officer at Housing since August, was named CEO after a day-long board meeting at the company’s headquarters in Mumbai.

Interim CEO Rishabh Gupta will be leaving the company effective immediately, the company confirmed.

After the ouster of co-founder Rahul Yadav, Housing’s board has been closely involved in the company’s day-to-day operations and is trying to cut costs, restructure the business and boost revenue as part of a plan to gain lost ground.

Kothari has already been instrumental in establishing a strong senior management team and has recently hired chief financial officer Mani Rangarajan, general counsel Nandini Mehta and chief marketing officer Nikhil Rungta, according to the company.

“Housing.com is one of those rare companies that has the potential to impact millions of people in their journey of buying, selling and renting homes... We have built a world-class product and a highly talented team, and it’s now time to rapidly progress towards our mission to build a world-class company," Kothari said.

Prior to joining Housing.com, Kothari was co-founder and CEO of Valiant Entertainment, a US-based company that produces comic books. He holds a degree from University of Pennsylvania’s Wharton School.

Founded in 2012, Housing.com currently has 2,500 employees in 50 cities. Run by Locon Solutions Pvt. Ltd, it is backed by Japan’s SoftBank Corp., Nexus Venture Partners, DST Global LP, Falcon Edge Capital LP, Digital Nirvana Fund Co. Ltd, Qualcomm Ventures and Helion Venture Partners.

In December 2014, it raised about $90 million from investors.

Housing.com, which competes with CommonFloor, 99Acres, PropTiger and MagicBricks, has been restructuring its business and has closed down categories such as commercial properties, short stays and the land business.