After several weeks of controversy and drama, Rahul Yadav has resigned as the CEO of Housing. Com, an online real estate start-up, he founded with a bunch of IIT Bombay graduates in June 2012.
Housing shot to fame as one of India's startup success stories after Japan's SoftBank led an investment of $90 million ( Rs 550 crore) in December, valuing it at Rs 1,500 crore.
Since then, Yadav has been in the spotlight for the wrong reasons he was involved in a bitter public fight with Sequoia's Shailendra Singh and later with the Times Group. In a March email, Yadav accused Sequoia of doing "inhuman and unethical things" at Housing.com.
Yadav, 26, is also believed to have written a scornful resignation letter on April 30 to board members and investors denigrating their "intellectual capability" and giving them a one-week deadline to "help in the transition". The investors responded a day later through the law firm Morrison & Foerster LLP acknowledging the resignation.
"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!" he wrote in the first paragraph of his letter addressed to the investors.
"I'm available for the next seven days to help in the transition. Won't give more time after that. So please be efficient in this duration," Yadav wrote in the letter.
Yadav's letter seems to have created a buzz on Twitter too with several people lauding him for his 'blunt' resignation.
The Economic Times reports that Yadav owns 4.57 per cent stake in the company. Nexus Ventures owns 19 per cent, SoftBank 32 per cent, and Helion Ventures and Falcon Edge about 10 per cent each.
Housing has spent nearly Rs 120 crore on its "Look Up" promotional campaign while the original budget was much lower, people aware of the details had said.
Housing competes with CommonFloor, 99Acres and MagicBricks.
Text of the letter written by Rahul Yadav
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.