Rahul Yadav’s fiery tenure as the head of real estate start-up Housing.com has come to an end.
The IIT Mumbai passout was the CEO of Housing.com, a company he co-founded in 2012 along with his other IIT batch mates.
It appears that Yadav wrote a scathing letter to the board on Monday informing them of his resignation. Among other things, Yadav alleged that Housing investors and board members were not “intellectually capable enough to have any sensible discussion anymore”.
Housing.com’s board is expected to meet today to decide on the future course of action.
Here is the 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.
Housing.com is one of the highest funded start-ups in India and counts Nexus Venture Partners, Helion Venture Partners and Qualcomm Ventures among its investors. It also recently raised $90 million from a group of investors led by Softbank.
Housing and Rahul Yadav have been in the news for all the wrong reasons recently. This included a much publicised spat with Sequoia Capital India MD Shailendra Singh, who, Yadav accused of poaching staff from Housing.com. This was followed by a defamation suit filed by BCCL, the holding company of the Times Group against them.
Times Group seeking Rs 100 crores damages from Housing
Post these incidents, there had been unconfirmed reports that the company’s board was looking to replace Yadav with whom they did not see eye-to-eye in terms of the Housing’s strategic direction.
Housing recently launched its first marketing campaign under the tagline ‘Look up’. The campaign, which is being run on digital and outdoor media, is considered to be one of the largest campaigns by any Indian start-up and some estimates peg the campaign to be worth Rs 120 crore.
Milestone Brandcom is the OOH partner while Mindshare is the media partner for the campaign.