The drama continues: Housing CEO withdraws resignation, apologizes for his comments

Rahul Yadav, co-founder and CEO of one of India’s hottest startups, Housing.com, had earlier written his resignation letter to investors and board members. Now, he has withdrawn it.

He also apologised for calling Housing’s investors “intellectually incapable” in his letter.

“Today the Housing board met, and has been reconstituted to include all main shareholder representatives. After some good conversations the board has reaffirmed its faith in Rahul Yadav’s vision at Housing,” the company said in a statement.

Yadav commented: “After some frank and healthy discussions with the Board I have agreed to withdraw my resignation and I apologize 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.”

Needless to say, India’s startup scene has been fascinated by the drama. Mahesh Murthy, partner of Seed fund tweeted, “Ekta Kapoor [India’s leading soap opera producer] couldn’t have written this biz soap opera: @Housing founder says sorry, back as CEO.”

Earlier in the day, Alok Kejriwal published a presentation on how to write emails for “Yadav and his likes.”

We asked the question earlier in our Talk section if this was personal or the fallout of a deeper tussle between founders and investors. Most commenters on Talk were put off by the language of the resignation letter, but some were sympathetic.

The new generation of Indian entrepreneurs is less reverential toward investors, even if it’s the latter who hold the purse-strings. And that may not be such a bad thing.