NEW DELHI — Rahul Yadav has resigned as the CEO of Housing.com, The Economic Times reported. Yadav, not the one to shy away from controversy, had a famous exchange with venture capitalist company Sequoia Capital’s Shailendra Singh in March this year, which was widely quoted in startup circles, where he accused the former of poaching staff.
In his resignation email, Yadav blamed the board members and investors for being intellectually incapable of having a sensible discussion. He gave the company a notice period of seven days after calculating his life expectancy.
According to a previous report in March, Housing.com’s investors were looking for a replacement because of disagreements over the strategic direction of the company and Yadav's conduct.
Housing, launched in 2012, had raised investment from Nexus Venture Partners, Helion Venture Partners and Qualcomm Ventures. One of the highest funded startups in India, the company raised 90 million from SoftBank in December 2014, valuing the company at $250 million.
Here’s the text of the resignation letter:
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.
Update: TOI reports that Rahul Yadav has withdrawn his resignation, he will stay as CEO.
"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."