Rahul Yadav, Co-Founder and CEO of real estate portal Housing.com, has quit the start-up following differences with Shailendra Singh, MD of its investor Sequoia Capital over 'poaching of staff.'
"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.
"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," Yadav said in his statement addressed to the company's board and investors, according to The Economic Times.
Investors were anyways planning to terminate Yadav for his 'conduct' and 'differences in strategy plans', says a report in Business Standard.
The board is expected to meet on Tuesday to come out with a new plan following his resignation on Monday.
The portal raised $100 million from Japan's Softbank in December last year, taking the overall funding to $120 million. Helion Ventures, Nexus Ventures and Qualcomm Ventures are the other investors in the online real estate service provider.
Excluding Qualcomm, all other investors are represented on the Board of Housing.com, besides Yadav and another co-founder Advitiya Sharma. Yadav holds 4.57 percent stake in the company, which was valued at about ₹1,500 crore after the Softbank investment in December last year.
Started in June 2012, the Mumbai-based portal initiated an advertising campaign in recent months. The firm seems to have outlined aggressive growth plans, following the infusion of funds by SoftBank.