The board of Housing.com on 1 July 2015 sacked the Chief Executive Officer (CEO) and co-founder Rahul Yadav with immediate effect. The decision was taken during the regular board meeting held in New Delhi.
The board unanimously agreed to sack Yadav saying that his behaviour towards investors and media was not befitting of a CEO and is detrimental to the company.
The board further said that Yadav will not be an employee or part of the SoftBank backed portal in any manner, the company said.
Since last few months Yadav has hogged the limelight, first for putting in his papers questioning the intellectual capability of his company’s board and later in May 2015 for giving away all his holding in the company worth 2000 crore rupees to the employees.
Housing.com, an online portal in real estate, expanded from its original rent and resale proposition to include PGs and hostels, serviced apartments, land, plot projects, and new projects.
It was founded by a group of IIT-ian including Rahul Yadav in 2012 and at present it has more than 2551 employees in over 100 cities across India.
In December 2014, Housing.Com raised 90 million US dollars through private equity infusion from SoftBank Group along with Falcon Edge and other existing investors. SoftBank with 32 percent stake is the majority shareholder in the company.
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