Home >companies >people >Housing.com CEO Rahul Yadav to give away all his stock

New Delhi/Mumbai: Speaking at a company town hall meeting at Mumbai’s Renaissance Hotel, Rahul Yadav, chief executive officer of property listing website Housing.com, continued to shock, astound and surprise his employees, investors and pretty much everyone else.

On Wednesday, the controversy-courting entrepreneur told his employees that he would relinquish all his Housing.com stock, worth about 150-200 crore, to the company’s 2,000-plus employees, including support staff, in a move that should cement his status as a cult hero in the start-up world.

The board of Housing.com, run by Locon Solutions Pvt. Ltd, is yet to approve the stock allotment, two people familiar with the development said on condition of anonymity. Housing.com currently has a very small employee stock option pool—under 50 employees.

The company’s board is currently represented by Nexus Venture Partners’ Suvir Sujan, SoftBank Group’s Jonathan Bullock, and two representatives from Helion Venture Partners. Helion Ventures and Nexus did not respond to Mint’s questions. SoftBank could not be reached for comment.

In the town hall meeting, the first after he dramatically resigned and then withdrew his resignation last week, Yadav told the 2,251 employees of Housing.com that he is not particularly concerned about the money, according to two people who were present. “It (real estate) is a hard problem to solve and that is what motivates me and I will work to solve that problem."

“It is written in my stars that I will make a lot of money in life, and that I will," he added. Yadav recently bought a Porsche Cayenne.

In a statement, he said: “I’m just 26 and it’s too early in life to get serious about money, etc."

Yadav said in the town hall meeting that he had resigned from Housing.com last week in an apparent gambit to bend the company’s dissenting investors to his will, the two people said. “It was the simplest way to get things done," he said in response to an employee’s question on what made him resign.

Separately, Yadav also announced his plans to expand Housing’s operations to over 40 developing markets over the next five years, hire 10 chief executive officers, 40 CXOs, 100 vice-presidents, and close to 400 associate vice-presidents in order to meet the target, the two people present at the meeting added.

Yadav said his vision was to make Housing.com the world’s largest company, the most loved brand, and the enterprise with the biggest social media impact. “People say no skin in the game, no skin in the game. These are young people who have no skin in the game. I am going to change that. And that’s why I am giving all my stake to the 2,000 people in this company. It is about the vision. Not stake. And my vision is to take this company to $10 billion. And I can do that. Even if I have no stake," Yadav said in an interview last week.

On Wednesday, he also announced two initiatives that the company will work on—Housing 1.0 and Housing Group 1.0, the two people said.

Housing 1.0 is a project that aims to cover all aspects of setting up a house—from finding products to services like interior decoration. Housing Group 1.0 will have over 10 brands in its ambit. He did not divulge details of the brands.

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