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SoftBank-funded startup’s CEO pens scathing resignation letter, but u-turns soon after

Resignation Letter
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With $140 million in funding under his belt, including $90 million from Japanese telecoms giant SoftBank, Housing.com cofounder and CEO Rahul Yadav knows a thing or two about building a successful startup. But it seems he also knows a thing or two about writing scathing resignation letters, as he proved last week when he questioned the intellectual capabilities of the company’s board members and investors when stepping down.

Founded out of Mumbai in 2012, Housing.com has emerged as one of India’s biggest startup success stories, offering a simple portal for anyone to find or list properties across the country. But reports emerged in March that investors were considering ousting Yadav as CEO “following disagreements over strategy and concern that Yadav’s conduct could jeopardise [the] future of the SoftBank-funded company,” reported India’s the Economic Times.

However, on April 30, Yadav beat them to the punch by handing the board this damning letter of resignation:

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!

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!

Hence resigning from the position of Directorship, Chairmanship and the CEO position of the company. I’m available for the next 7 days to help in the transition. Won’t give more time after that. So please be efficient in this duration.

Cheers,

Rahul

Yadav’s letter had all the hallmarks of something that was written in the heat-of-the-moment, perhaps while a little angry. And while he may or may not have had genuine cause for umbrage, it seems he soon regretted his words.

A simple letter was issued by the board acknowledging receipt of Yadav’s letter, but just as news began to circulate of Yadav’s impending departure, it transpired that he had withdrawn his resignation. The company wrote:

In the relatively short period of its existence, Housing has revolutionised the real estate market in India and it continues to lead and disrupt with world class product innovations.

Today the Housing 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.

Rahul commented that “After some frank and healthy discussions with the Board I have agreed to withdraw my resignation and I apologizs [SIC] 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.”

So, one apology and a large helping of humble pie later, Yadav remains at the helm of Housing.com, though SoftBank is now taking control of the operational side, according to the Economic Times.

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