It seems to be happen and it happened, CEO and chairman of Housing.com Rahul Yadav has resigned from both of those positions, as well as his directorship on the Board of the apartment-hunting e-commerce start-up, the Economic Times reported today.
Adding more fuel in controversy, Yadav has given the company just seven days to work through the transition, with no other explanation for the short notice period.
“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,” Yadav wrote.
“You did the same inhuman and unethical things with large number of entrepreneurs including Ola, TFS (TaxiForSure), Flipkart, Dexetra, and many more…,” Yadav said in the email sent to Sequoia’s Shailendra Singh. “Now I just came to know you are personally and completely after Housing’s employees and are brainwashing them to open some stupid incubation.”
“I am deeply hurt by this e-mail. I received this at 10 pm last weekend when I was in Hong Kong with the rest of our global partnership, and it came as a surprise and a big disappointment. My best guess is that this mail has been triggered by an offer that we made to one of the Housing employes to join us as an analyst…I encourage people who have questions or concerns about any of this to reach out to me directly. Or even better, talk to any of the entrepreneurs we are privileged to be partners with.”
In his resignation letter to investors, Rahul wrote,
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.
Reply from investors law firm to acknowledge his resignation,
In a discussion among the Investor group, I was requested to send you an express acknowledgement, on their behalf and without any other effect on the terms of our agreements, of your April 30 resignation from your positions (1) on the board of directors (including as chairman and managing director) and (2) as CEO.
With best regards Noah Carr Morrison & Foerster LLP
Note: Housing.com is one of the most watched startup in India, especially after Japan’s SoftBank led an investment of $90 million in Housing.com ( Rs 550 crore) in December 2014, valuing it at Rs 1,500 crore.