The string of top level executives — or rather company’s 12 founders — leaving Housing.com, that began when the company’s board fired Founder-CEO Rahul yadav, continues unabated. A publication from the company confirmed that three more co-founders out of the original 12 — Abhishek Anand, Ravish Naresh and Sanat Ghosh — have left the upstart to start their own venture.
The exit takes the number of co-founders to have left the company upto 9, from the original 12. The three remaining members of the founding team still with Housing, are Snehil Buxy — who is the chief product officer — Amrit Raj, head of digital marketing and Jaspreet Saluja, head of data operations. None of them however, hold a position at Housing’s board.
Apparently, the trio left the company as early as two weeks ago. However its only now that Housing has chosen to confirm their departure through a publication.
Commenting upon their rather sudden departure, the trio said
Housing.com was our dream, and we are glad to see that the current leadership team is strong, with very accomplished executives working alongside a young innovative team. We are confident that the positive momentum and high-growth at Housing.com will continue as we move on to our next dream, a new venture.
Leaving Housing to start a new venture seems to hold some special appeal to the founding team. If you remember, Advitiya Sharma, yet another co-founder who left the company a month ago, did so to — you guessed it — start his own venture.
And while founder departures prove nothing short of a dent for any brand, recent departures at Housing have left the company short of several key positions. The include positions, as quintessential as Chief technology officer (Anand) Chief Executive Officer at its subsidary IREF (Naresh) and the Associate Vice President of Product (Ghosh). Commenting in the departure, Housing CEO Jason Kothari told ET,
Abhishek, Ravish and Sanat played an important role in building the foundation of Housing.com. They are moving out to pursue their new dream of starting another new venture.I sincerely thank them for their contributions and wish them thevery best. I am sure what they undertake next will be as exciting as Housing.
Meanwhile, the company seems to be sticking to its strategy of focussing most of its attention upon the buying and selling business while scaling down listings and rentals, commercial properties, short stays and land businesses. It is also aggressively making a push towards building an advertisement business of its own.
The company’s board also wants it to cut down costs and towards that end, the startup was seen laying off employees in their hundreds last year.
Well, founders bowing out — and being forced to bow out by the board — are a fresh example of how the current corporate trend holds the company as far more important than any single individual — even if that individual is a founder.
Meanwhile, things are bound to be a bit strained at Housing, with the founding team leaving and major strategy shifts taking place at the company.
Nikesh Arora, President of Softbank — which has invested $70 milion of the $120 million received by Housing so far — was recently accused by a group of investors as making inappropriate investment decisions. The investors also cited Housing as an example of Arora’s incompetency. While the company is doing okay as far as business is concerned, the internal tumults and shifts have the potential to give the opposition, another point to use against Arora.