Housing.com CEO Rahul Yadav has allotted all of his personal equity stake in the company — worth between Rs 150 crore and Rs 200 crore — to all the 2,251 employees of the company.
“Yadav took everyone by surprise when he announced that he has allotted all of his personal shares. He made this announcement today at the company townhall that was attended by all employees of the company,” the company said in a statement.
Housing.com employees will get approximately one year of their annual salaries worth of Housing stocks. While explaining the reason behind this move, Yadav said, “Housing was started because of two reasons: House hunting problem is unsolved globally. Just the problem statement gives me a lot of kick. In each and every country there are 4-5 players doing the same poor job and still not able to solve the problem. Across the globe there are 500 plus players.
We want to unify all and create a global giant for real estate so that the one company can afford much higher level of R&D and technological innovation to push the category forward. Other than these two, there is no other factor at play here, including money. I'm just 26 and it's too early in life to get serious about money etc,” Yadav said.
On May 5, Yadav, who was involved in a bitter battle with some of the board members and investors, withdrew his resignation and apologised for reportedly calling board members and investors “intellectually incapable to have sensible discussion”.