Housing.com CEO Rahul Yadav has allotted all of his personal shares worth approximately Rs.150 crore-Rs.200 crore to all 2,251 employees of the company.
With this totally unexpected move from the CEO, every employee is now a shareholder of the company.
According to a statement from the company, Mr. Yadav made this announcement at the company town hall meeting that was attended by all employees of Housing.com.
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.
Mr. Rahul Yadav, while explaining the reason behind this move, said, “I am just 26 and it is too early in life to get serious about money and the like.”
In the statement, he said “Housing.com was started because of two reasons. House hunting problem is unsolved globally. Just the problem solving gives me a lot of kick. 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 500-plus players. We want to unify all and create a global giant for real estate so that the one company can afford much higher level of research and development and technological innovation to push the category forward. Other than these two, there is no other factor at play here, including money!”
Mr. Yadav was in the news for all wrong reason. In April, he had mailed a resignation letter to the board of the company criticising them. He went on to term ‘intellectually incapable’. Earlier in March, he had a spat with venture capital firm Sequoia Capital’s Managing Director Shailendra Singh.
After sending the resignation letter on April 30, Mr. Yadav withdrew his resignation early this month, and also apologised for his comments against board members