Post his dramatic resignation and an apologetic come-back, Housing.com CEO Rahul Yadav has offloaded his entire stake in the company, worth Rs 150-200 crore, and distributed it among all its 2,251 employees. Yadav owned 4.5% stake in the company, while Softbank, which invested $90 million in the company in December, owns 38% stake.
“Housing was started because of two reasons. House hunting problem is unsolved globally. Just the problem statement gives me a lot of kick. Secondly, in each and every country there are 4-5 players doing the same poor job and still not able to solve the problem. Across the globe there are more than 500 players. We want to unify all and create a global giant for real estate so that the one company can afford a much higher level of R&D and Ttechnological innovation to push the category forward,” said Rahul Yadav, CEO, Housing.com.
He further added, “I’m just 26 and it’s too early in life to get serious about money etc.”
Yadav had resigned from the post of CEO earlier this month in a scathing letter he wrote to the board members which started something like: “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!”
However, he quickly retracted his resignation after the board members and Yadav met. “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,” Yadav said.
He added: “I look forward to staying on at Housing as CEO and building an even greater company, while working in full harmony with the board”.