The Housing man is back in the news but this may be the final move in his working tenure with the company. CEO Rahul Yadav has quit for the second time and this time, the board has accepted his resignation.
Two months back, Yadav had resigned with a letter that harshly criticized the intellect of the board running Housing. He withdrew his resignation later in the day after “some frank discussions with the board.”
Lately, SoftBank’s Jonathan Bullock, and another representative from Falcon Edge, overlooked all major decisions at the company.
Later, the 26-year-old off loaded all his stocks to the employees. “It’s too early in life to get serious about money etc,” Yadav said at the time. Following this, he urged Zomato and Ola Cabs founders Deepinder Goyal and Bhavish Aggarwal to do the same for their respective employees as well. He also conducted a Reddit AMA session.
Among the other controversies, the founder publically abused Sequoia Capital’s managing director Shailendra Singh and challenged Ola founder Bhavish Aggrawal and Zomato founder Deepinder Goyal to offload half of their shares to the employees.
Housing, which has raised US$120 million till date, was founded in 2012 by a dozen IIT-Mumbai students, many of whom (including Rahul Yadav) gave up studies to focus on building the company. Earlier three founders quit the company.
This could well spell good news for competitors like Commonfloor and PropTiger to catch up. On the flip side, Housing may have enough network effects to keep growing. It has stopped being a start-up due to its expansive growth and may not need its founding members anymore.
