Housing.com owner Rahul Yadav, who was involved in a bitter public fight with some investors and competitors, has now resigned as the CEO and chairman of the house hunting start-up.
Yadav’s resignation brings to end a two-month long saga that started with his public spat with a prominent venture capital investor, alleged misreporting by Times Group, which owns a competitor site, and followed by a defamation legal notice.
26-year-old Yadav, who has been in the news for all the wrong reasons lately, is believed to have written a sarcastic resignation letter, saying Housing.com board members and investors were not “intellectually capable enough to have any sensible discussion anymore.”
He reportedly gave the company a notice of just 7 days for the management transition.Â
Here’s a transcript of the now famous resignation letter –
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
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Yadav, a fourth year dropout from IIT Bombay, was seen to be brash and was accused of burning too much cash, while running Housing.com. More recently, he got involved in a legal fight with the Times Group, which runs magicbricks.com, an online realty portal that competes with housing.com.
Earlier in March 2015, Yadav wrote an email to Shailendra Singh of Sequoia Capital India, accusing him of doing “inhuman and unethical things”. Sequoia Capital, a US-based venture capital firm, has invested in many Indian start-ups such as Ola and Car Dekho. It is not an investor in Housing.com.