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Housing.com CEO Rahul Yadav hands in his resignation; mocks board members & investors in his letter

Online
real-estate portal Housing.com CEO Rahul Yadav has reportedly resigned. Over
the last few months, Housing.com has been experiencing some turbulent times. In
March this year, Housing Founder & CEO, Rahul Yadav wrote an unpleasant
email to Sequoia Capital India’s Shailendra Singh asking him to stop poaching

Online
real-estate portal Housing.com CEO Rahul Yadav has reportedly resigned. Over
the last few months, Housing.com has been experiencing some turbulent times. In
March this year, Housing Founder & CEO, Rahul Yadav wrote an unpleasant
email to Sequoia Capital India’s Shailendra Singh asking him to stop poaching
employees from Housing team. Singh replied to the same on the online discussion
forum Quora. This very public discussion was just the beginning of trouble for
Housing.

Later, Yadav, in
an internal mail, claimed that Times Internet owned online real estate portal
Magicbricks.com is trying to “malign Housing’s position in India” while it
closes a round of funding in the US. Following this, the Times Group sent a
legal notice to Housing.com for alleged defamation, asking them to issue an
unconditional apology and seeking $16 million in damages.

Subsequently,
investors in the firm were reportedly mulling over removal of Yadav because of
his conduct and differences in strategy plans, reports the Economic Times,
citing sources.

In December 2014,
the portal got funding of $100 million from Japan’s Softbank. Hitherto, it has
got funding of $120 million from other investors including Helion Ventures,
Nexus Ventures and Qualcomm Ventures. Except for Qualcomm, all other investors
have representation in the Board of Housing apart from Yadav and other
co-founder of Housing.com Advitiya Sharma.

According to the
report, the Board is expected to meet today to take a call on Yadav’s
resignation.

Here’s the full
text of the resignation letter:

Dear board members and investors, I don’t
think you guys are intellectually capable enough to have any sensible
discussion anymore. This is something which I not just believe but can prove on
your faces also! I had calculated long back (by taking avg life expectancy
minus avg sleeping hrs) that I only have ~3L (hours) in my life. ~3L hrs are
certainly not much to waste with you guys!

Hence resigning from the position of
Directorship, Chairmanship and the CEO position of the company. I’m available
for the next 7 days to help in the transition. Won’t give more time after that.
So please be efficient in this duration.

Cheers,

Rahul

Here is the text
of the letter acknowledging his
resignation:

Dear Rahul,

In a discussion among the Investor group, I was requested to send you an
express acknowledgement, on their behalf and without any other effect on the
terms of our agreements, of your April 30 resignation from your positions (1)
on the board of directors (including as chairman and managing director) and (2)
as CEO.

Thank you.

With best regards Noah Carr Morrison & Foerster LLP 

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5 thoughts on “Housing.com CEO Rahul Yadav hands in his resignation; mocks board members & investors in his letter”

  1. There’s a fine line between
    There’s a fine line between genius and insanity. And Yadav seems to be swinging somewhere is between.

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