Putting an end to the resignation drama, Rahul Yadav, the CEO of online real estate start-up Housing.com, has withdrawn his resignation on Tuesday evening. Apart from revisiting his decision, 26-year-old Mr. Yadav has also apologised for his comments against board members.
Ending all the issues relating to his resignation, Housing.com, on Tuesday, mailed an official statement.
“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.com as CEO and building an even greater company, while working in full harmony with the board,” the e-mail quoted Mr. Yadav as saying.
“In the relatively short period of its existence, Housing.com has revolutionised the real estate market in India and it continues to lead and disrupt with world class product innovations,” the company said.
According to reports, on April 30, Mr. Yadav resigned from the post of CEO, Chairman and a member of the board of Housing.com, a company founded by him and 11 other IITians. In his resignation letter sent to the board members and investors, he had called them ‘intellectually incapable’ and also gave a deadline to ‘help in the transition.’
Housing.com is considered as one of the promising real estate start-ups in the country. The company became a hot entity after it received funding of $90 million led by Japanese major SoftBank and other investors in December.Spat with VC firm
Mr. Yadav was in the news for all wrong reason. Earlier in March, he had a spat with VC-firm Sequoia Capital’s Managing Director Shailendra Singh.
The spat became a hot topic in various social media when his letter was published in Quora, an online platform. In his letter to Sequoia, Mr. Yadav had accused Sequoia of poaching staff from Housing.com.
Sequoia had offered the position of an analyst to a very senior Housing.com executive as part of its strategy to expand its analyst pool in India.
The board of Housing.com had a meeting on Tuesday to discuss the resignation of the CEO. Further, in the mail, the company said, “Today the Housing.com board met, and has been reconstituted to include all main shareholder representatives. After some good conversations, the board has reaffirmed its faith in Rahul Yadav’s vision at Housing.com.”
Last month SoftBank’s Vice-Chairman Nikesh Arora, who was on the board of Housing.com, had resigned.