Housing.com CEO Rahul Yadav resigns [Update]

Rahul yadav

Rahul yadav

 

Update: Rahul Yadav withdrew his resignation after the board meeting. This was a smart move. I wish Rahul a good luck. I hope he will learn to take decisions wisely.

After several weeks of controversy, Housing.com CEO Rahul yadav has finally sent his resignation. The Housing.com board will meet today to decide who will be the next CEO and other future plans.

Rahul Yadav is a well known name in startup ecosystem. He was in news for controversial public fight with Sequoia’s Shailendra Singh few months back. Times Group also sent defamation notice to Rahul and other board members.

It was also reported that Softbank, biggest investor of Housing.com, and Rahul Yadav have been at war. Earlier this month, Nikesh Arora, SoftBank Corp. vice-chairman, had also quit the board of the Housing.com. Board was also not quite happy how Yadav was leading the company (High cash burn seems the main reason). SoftBank has nearly 30 percent stake in Housing.com. Falcon Edge, Nexus Venture Partners and Qualcomm Ventures are the other investors.

Housing.com has already spent over Rs. 120 Cr. on its “Look Up” promotional campaign. In Delhi NCR, I can see their ads anywhere I turn my face. Original budget decided for the new branding was much lower. This was also a big clash between CEO and investors. Few sources also confirmed that investors were also not happy because company made some acquisition bids without the consent of investors.

It was also rumoured that investors were already hunting a new CEO.

This is the letter he sent:

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

Rahul Yadav along with his friends started Housing.com back in 2012 and made Housing.com the fastest growing startup. It attracted bug investors and has shown good growth. But recent controversies were not good. I don’t have any doubt on capabilities of this young entrepreneur. But I want to suggest Rahul to be less aggressive. Taking decisions in anger always leads you to wrong path. In past few months, he has shown is anger and created enough buzz. There were so many things which shows that he became overconfident. He is not the only one who couldn’t control the success earned in less time. I hope will learn a lot with mistakes he did in past.

Rahul Yadav is trending on Twitter. You can check few awesome tweets there. 😛

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