Housing CEO Rahul Yadav has quit for the second time, according to The Economic Times report. It is said that his resignation will be accepted by the board this time.
Yadav had earlier resigned from his post about two months ago. Back then, in his letter of resignation he left no doubt on what he thought of Housing’s investors: “I don’t think you guys are intellectually capable enough to have any sensible discussion anymore,” he had said. He withdrew his resignation later in the day after “some frank discussions with the board.”
Lately, SoftBank’s Jonathan Bullock, and another representative from Falcon Edge, overlooked all major decisions at the company.
The 26-year-old off loaded all his stocks to the employees. “It’s too early in life to get serious about money etc,” Yadav said at the time.
Among the other controversies, the founder publically abused Sequoia Capital’s managing director Shailendra Singh and challenged Ola founder Bhavish Aggrawal and Zomato founder Deepinder Goyal to offload half of their shares to the employees.
Housing, which has raised US$120 million till date, was founded in 2012 by a dozen IIT-Mumbai students, many of whom [including Rahul Yadav] gave up studies to focus on building the company. Earlier three founders quit the company.
This could well be an opening for competitors like Commonfloor and PropTiger to catch up. On the flip side, Housing may have enough network effects to keep growing. It could have effectively ceased to be a startup, which means the founding team isn’t as important anymore.
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