In a dramatic turn of events, co-founder and CEO of online real estate company Housing.com Rahul Yadav withdrew his resignation on Tuesday and apologised for his disparaging comments days after he resigned. The housing startup issued a statement on Tuesday saying the company’s board had met and reaffirmed faith in Rahul Yadav after some “good conversation”.
The board has also been reconstituted to include all shareholder representatives. The same communication also carries a statement by Yadav. “After some frank and healthy discussions with the Board, I have agreed to withdraw my resignation and I apologise 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,” Yadav said. “I am still your CEO. Have fun,” he tweeted from the company handle.
His resignation letter had courted controversy with his criticism of board members accusing them of lacking of “intellectual capability”.
“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!” Yadav said in his resignation letter. “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!,” Rahul wrote in his short and scathing letter on April 30.
Housing.com was started by a bunch of IIT-Bombay graduates, including Rahul Yadav, in 2012 and has since managed to raise $130 million in multiple rounds of funding. Japan’s SoftBank led with an investment of $90 million (R550 crore) in December. Rahul owns a minority stake of 4.57% in the company.
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