Comments
A day after property search portal Housing.com sacked its CEO Rahul Yadav, the company has e-mailed all its employees reassuring them that the portal is not for sale.
Rishabh Gupta, who has been made in-charge of Housing’s day-to-day operations till a CEO is found, in a mail to the 2,250 employees, said: “There have been a few media reports indicating that Housing is getting acquired by an Indian classified player.
“We wanted to assure the staff that the company is not for sale and that the management team and our investors are committed to our common goal of building a business that revolutionises the real estate game in India and beyond.”
A copy of the mail was seen by BusinessLine . This e-mail comes in the backdrop of the property listing site’s maverick Co-founder & CEO Rahul Yadav being shown the door by its Board.
In the last few days, there have been reports and speculations that online classified portal Quikr is in talks with Soft Bank, the lead investor in Housing, to acquire the property listing site in an all-cash and stock deal valued at ₹1,100 crore. This, industry sources, said that could be a distress sale as Yadav, the brain behind Housing.com, was on his way out from the company.
Rishabh, on behalf of the senior management team, further added that, “We as a team have built a phenomenal company with a world-class product and culture. We'll continue to do the same in the future.”
The company founded in 2010 by 12 IITians has so far raised over $350 million (approximately ₹2,230 crore) from Japan’s Soft Bank, Helion Ventures, Nexus Ventures and Qualcomm Ventures.
The company is now being valued at ₹1,500 crore. Out of the 12 co-founders, only three continue with the firm.
Housing.com had been in news in the past few months due to Rahul Yadav and his “irrational” behaviour towards the investors of the company. Yadav, who is an IIT Bombay drop out, also made quirky statements, which included a letter to Sequoia India’s head Shailendra Singh, accusing him of poaching employees.
Post that, Yadav resigned on grounds that investors were not intellectually capable, but soon withdrew it.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.