Rahul Yadav, the CEO of Housing.com, might be replaced if investors have their way. This news comes after Yadav sent an angry email to Sequoia India Managing Director Shailendra Singh. It is unclear if the two developments are related.
Yadav had copied the mail to all employees of his firm, and it also surfaced on Quora, the question-and-answer website. Singh, who was in Hong Kong, posted his answer there.
According to this report, investors have been thinking of replacing Yadav, 26, because of disagreements over the strategic direction of the company and his conduct. Housing had raised $100 million in November, including $70 million from Japan's SoftBank for a 30 percent stake.
Housing's board consists of Yadav and co-founder Advitiya Sharma, and investors Suvir Sujan of Nexus Ventures, Ashish Gupta of Helion Venturs and Nikesh Arora of Softbank. "The discussion (for a new leadership team and to replace Yadav as CEO) has been going on for the last couple of months but concrete search has just begun. (We have) been closely monitoring the company and guiding the founders. But this can't actively go on forever," another investor in the company said in the report.
Yadav's conduct came into focus after he sent an email to Singh, who had hired an employee of Housing. Below is the full text of the mail:
This comes at a time when Housing has been trying to boost its profile among competitors such as 99acres, CommonFloor and MagicBricks, who are also in the real estate space. It has put out full page advertisements in major dailies and also got a new logo and redesigned webpage in the last month.
Housing reported losses ofRs 48.8 crore on revenue of Rs 1.9 crore for the financial year ended March 31, 2014, according to this news report.Suggest a correction