Drama at Housing.com: CEO Rahul Yadav resigns in scathing letter, then takes it back

Rahul Yadav will continue to be the CEO of Housing.com. Hours after his indignant resignation letter to his board members went viral on social media.

By: Express Web Desk | New Delhi | Updated: May 6, 2015 12:26 pm
Rahul Yadav, Housing.com, Rahul Yadav Housing.com, Housing.com CEO Housing.com CEO Rahul Yadav

Rahul Yadav will continue to be the CEO of Housing.com. Hours after his indignant resignation letter to his board members went viral on social media making his name the top Twitter trend in the country, the IIT graduate withdrew his resignation and even apologised for this comments.

“After some frank and healthy discussions with the Board I have agreed to withdraw my resignation and I apologise for my unacceptable comments about the board members. I look forward to staying on at Housing as CEO and building an even greater company, while working in full harmony with the board,” said an official quote attributed to Yadav.

The tone here was a far cry from his resignation letter which suggested the board was not “intellectually capable” enough to have “sensible discussion with”. “…I only have ~3L (hours) in my life. ~3L hrs are not much to waste with you guys,” the CEO had purportedly written in the resignation letter.

The Housing.com board, which met after the fiasco, decided to reconstitute itself and include all main shareholder representatives in it. It has also “reaffirmed its faith in Rahul Yadav’s vision at Housing”, an official statement said.

Housing.com came into the limelight in December 2014 after it raised $90 million in private equity from SoftBank Group, Falcon Edge and other investors. The company ambitiously planned to use to map over 40 million houses across 300 cities in India. Housing.com, started in 2012 by Yadav, has so far raised more than $121 million in investment.

The company site says the “only thing that matches the enthusiasm of our employees is the audacity of what we do”. It seems their CEO took this a bit too seriously.

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    Adamya
    May 5, 2015 at 9:47 pm
    I m really not able to understand one thing, if board was so stupid why Mr Rahul have accepted fund (considering he was aware that investors have done something bad with other investment, for which other have never complained). All these are game of funding where everyone is cheating other. Founder cheating investors and investors cheating other investors. This will continue till the time people have fund.....
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      Adamya
      May 5, 2015 at 9:52 pm
      In my opinion the bigger picture which everyone ignoring that investors are not hard core businessman and don't want to run the startup however may be they are not sure where to stop and making investment expensive for any hard core businessman to buy. take example of flipkart, now it's valuation and investment are so high that no one who may be want to run it like business can buy it now, we should not treat business like stocks as people are working there.
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        max
        May 5, 2015 at 7:31 pm
        This dude sounds so much like my wife...ehm...just saying...
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          Kaustubh Ner
          May 5, 2015 at 7:13 pm
          What's the fuss about? Employees resign with bitter letters all the time. Or is it because he's an IITian? Never even heard of housing before...
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            pradeep
            May 6, 2015 at 1:05 pm
            A CEO is supposed to be mature - even my college going son is more mature in his behaviour the Board has faith in this guys decision making ability!!!
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              Michel Pells
              May 5, 2015 at 8:29 pm
              it is a company which builds houses in thin air.
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                Yasser
                May 5, 2015 at 9:08 pm
                guys..look at it this way..now you got to know about housing? how is that? good to keep you on the news- free publicity..
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