In a board meeting held on Wednesday, the Mumbai-based online realty start-up Housing.com decided to fire co-founder-cum-CEO Rahul Yadav, for behaviour “not befitting” his position and his “detrimental” attitude towards investors, ecosystem and media.
“The Housing board unanimously agreed to bring Yadav’s tenure to a close, with reference to his behaviour towards investors, ecosystem and media. The board believed that his behaviour was not befitting a CEO and is detrimental to the company,” said a statement from the company.
The board has decided the company will have no association with Yadav going forward, releasing him from the company with immediate effect. While the company is in search of a new CEO, the current senior executives of Housing will continue to run the operations on a daily basis. The board member and the operating team will be in touch for all key decisions, the company said.
Yadav, who led a dozen of his IIT-Bombay friends to start Housing in 2012, made a lot of buzz in the media with his leaked emails to investors, in which he, at once threatened Shailendra Singh of Sequoia Capital for poaching employees. He also resigned from the company calling investors “intellectually incapable of taking decisions”.
Later, he withdrew the resignation and apologised for his behaviour and the language used in his letter. However, he continued to be in news by announcing to “give-away” all his stake in the company to employees. Later, he dared Ola and Zomato founders on social-networking site to do the same.
His penchant to troll founders and CEOs of companies didn’t die anytime soon. In June, he posted a photo of Infosys CEO Vishal Sikka sleeping at an airport lounge, on Facebook. Along with the picture he wrote, “Infosys CEO Sikka. When I asked something he replied I just want to sleep without listening to the question (grin) :D.”
SoftBank, with a 32% stake, is the majority shareholder in the company. The company in its last round of funding of $90 million from SoftBank and Falcon Edge was valued around R1,500 crore.