Housing.com CEO Rahul Yadav apologises, withdraws resignation

  • PTI, New Delhi
  • Updated: May 05, 2015 21:39 IST

Rahul Yadav, the CEO of realty portal Housing.com, today withdrew his resignation and apologised for reportedly calling fellow board members and investors intellectually incapable of any sensible discussion.

Housing.com, which is backed by Japan's Softbank, said its board has been reconstituted to include all main shareholder representatives.

The board has reaffirmed its faith in Rahul Yadav's vision for the growth of the realty portal, the company said in a 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," Yadav said.

He added: "I look forward to staying on at Housing as CEO and building an even greater company, while working in full harmony with the board".

Yadav, the 26-year-old co-founder, had reportedly written a resignation letter on April 30 to board members and investors questioning their "intellectual capability" and giving them a one-week deadline to "help in the transition".

In December last year, Housing.com received USD 90 million funding, led by Japan's SoftBank, valuing the portal at about Rs 1,500 crore. It would use the funds to map over 40 million houses across 300 cities in India.

Founded in 2012 by a dozen IITians, the Mumbai-based company currently offers services in rent/resale, PG/hostels, new projects, land/plot projects, home loans and rental agreement among others.

Its other shareholders include Nexus Venture Partners, Helion Venture Partners, Qualcomm Ventures, Nirvana Ventures and Falcon Edge Capital.

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