India’s one of the most talked about and among the fastest growing startups of the country, Housing.com looks like in a big time trouble now. As, after weeks of drama, its CEO Rahul Yadav has resigned from the company. The board members will be announcing their decision today.
It was earlier reported that the investors might be looking to remove Rahul from the post of CEO role, after the public spat with Sequoia Capital’s Shailendra Singh.
In his letter, he also said that he will be available for a week to help in transition.
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.
The investors responded a day later through the law firm Morrison & Foerster LLP acknowledging the resignation.
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.
With best regards Noah Carr Morrison & Foerster LLP
The board of Housing will meet today to discuss the resignation and chart out the new plan for the company.
Rahul currently owns 4.57% stake in the company, Nexus Ventures owns 19%, SoftBank 32%, and Helion Ventures and Falcon Edge about 10% each.