In an inevitable, and rather unsurprising turn of events, Housing.com board today fired Rahul Yadav, CEO of one of India’s most talked about startups, Housing.com. This follows from an earlier report, which cited that Yadav had submitted his resignation to the board, which was informally accepted then.
Housing and its CEO Rahul, have both been in the news lately, and for all the wrong reasons. While Rahul’s controversies are well documented by sensationalising media across India (nope, we didn’t cover either of them), Housing too has been under constant scrutiny, majorly for its cash burn rate on marketing campaigns, which has constantly irked up company’s investors due to not-so-good returns. Unavailability of accurate facts though, makes the entire cash-burn incident debatable.
Economic Times, which first reported this development, cites internal sources saying that the controversial CEO was scraped off due to his “behaviour towards investors, partners and the media.” The source further said, that “The board believed that his behaviour is not befitting of a CEO and is detrimental to the company”.
As of now, SoftBank, which has a 32% stake in Housing, has formed an executive committee that controls the Housing’s financial and operational sides. The committee is led by Jonathan Bullock, the SoftBank executive who has replaced the investment firm’s vice-chairman Nikesh Arora on the Housing board. The board is now also looking for an interim CEO, probably from within the company, before a full-time CEO is appointed.
There have also been reports of Housing, getting sold to classified listing platform Quikr, for an amount considerably lesser than its $250 Million valuation right now. However, nothing regarding the same has been confirmed as of yet.