What if you give me ₹280 Cr and I refuse to answer your calls for months?🤯
What if you gave me a chance despite my past of allegedly cheating investors and I don't let you even audit?🔻
This is about Rahul Yadav!
An IIT-Bombay dropout turned conman (alleged) ? A thread🧵👇
What if you gave me a chance despite my past of allegedly cheating investors and I don't let you even audit?🔻
This is about Rahul Yadav!
An IIT-Bombay dropout turned conman (alleged) ? A thread🧵👇
[1] Early Life
🔸Rahul dropped out of IIT-Bom while being in his final year (2011) to build a website - ExamBaba
🔸He founded Housing [dot] com in 2012 along with his 7 IIT batchmates
🔸They got funding from SoftBank and sold $8Mn worth Real estate within 1st week of launch🤯
🔸Rahul dropped out of IIT-Bom while being in his final year (2011) to build a website - ExamBaba
🔸He founded Housing [dot] com in 2012 along with his 7 IIT batchmates
🔸They got funding from SoftBank and sold $8Mn worth Real estate within 1st week of launch🤯
![[1] Early Life
🔸Rahul dropped out of IIT-Bom while being in his final year (2011) to build a websit...](https://pbs.twimg.com/media/FyKTCN2X0AAKOu-.png)
[2] Fiasco at Housing
🔸Rahul was fired by the Board from his own co due to his conduct
🔸He was the poster boy of Indian startups and threatened that he'll begin the end of Sequoia in India
🔸He also called other board members "intellectually incapable of having a discussion"
🔸Rahul was fired by the Board from his own co due to his conduct
🔸He was the poster boy of Indian startups and threatened that he'll begin the end of Sequoia in India
🔸He also called other board members "intellectually incapable of having a discussion"
![[2] Fiasco at Housing
🔸Rahul was fired by the Board from his own co due to his conduct
🔸He was the...](https://pbs.twimg.com/media/FyKTRGGXsAExm20.jpg)
[3] Starting of 4B Networks (Broker Network)
🔸Rahul Yadav started 2 companies after that but nothing worked
🔸It's said that whatever he starts gets finished within 2 yrs
🔸In 2020, he started Broker Network. The 2 yr deadline wasn't respected this time and rather took 3 yrs
🔸Rahul Yadav started 2 companies after that but nothing worked
🔸It's said that whatever he starts gets finished within 2 yrs
🔸In 2020, he started Broker Network. The 2 yr deadline wasn't respected this time and rather took 3 yrs
![[3] Starting of 4B Networks (Broker Network)
🔸Rahul Yadav started 2 companies after that but nothin...](https://pbs.twimg.com/media/FyKTV0YWIAALJDc.jpg)
[4] Info Edge X Broker Network
🔸Not respecting shareholders is itself a very big red flag
🔸Despite this, Info Edge invested ~₹280 Cr in ~18 months
🔸Now it's facing consequences and has written off this investment
But what went wrong? Too many employees or a fraud?🤔👇
🔸Not respecting shareholders is itself a very big red flag
🔸Despite this, Info Edge invested ~₹280 Cr in ~18 months
🔸Now it's facing consequences and has written off this investment
But what went wrong? Too many employees or a fraud?🤔👇
![[4] Info Edge X Broker Network
🔸Not respecting shareholders is itself a very big red flag
🔸Despite...](https://pbs.twimg.com/media/FyKTecQXwAEL_8v.jpg)
[5] Alleged Governance Issues
🔸Transfer of funds to entities owned by him and his wife
🔸Commissions paid to brokers for fake visit to properties & home loans (₹27-29 Cr per month)🤯
🔸Advertisement contracts worth ₹11.8 Cr awarded to entities with no relevant experience
🔸Transfer of funds to entities owned by him and his wife
🔸Commissions paid to brokers for fake visit to properties & home loans (₹27-29 Cr per month)🤯
🔸Advertisement contracts worth ₹11.8 Cr awarded to entities with no relevant experience
![[5] Alleged Governance Issues
🔸Transfer of funds to entities owned by him and his wife
🔸Commission...](https://pbs.twimg.com/media/FyKTrG-XgAA6Xvi.jpg)
[6] Alleged fraud with employees
🔸Yadav asked employees to avail personal loans to pay other employees' salaries. One old employee took ₹50L loan🤦
🔸Employees were asked to take advance salary from the company and transfer money to Yadav. Now it's their personal liability🔻
🔸Yadav asked employees to avail personal loans to pay other employees' salaries. One old employee took ₹50L loan🤦
🔸Employees were asked to take advance salary from the company and transfer money to Yadav. Now it's their personal liability🔻
[6] Alleged fraud with employees (contd.)
🔸Many employees have not been paid salaried since September 2022 whereas,
🔸Yadav continued his luxurious lifestyle and bought a Mercedes-Maybach costing ₹2-3 Cr
🔸Employee strength reduced from 2,266 to 1,469 within 2 months
🔸Many employees have not been paid salaried since September 2022 whereas,
🔸Yadav continued his luxurious lifestyle and bought a Mercedes-Maybach costing ₹2-3 Cr
🔸Employee strength reduced from 2,266 to 1,469 within 2 months
![[6] Alleged fraud with employees (contd.)
🔸Many employees have not been paid salaried since Septemb...](https://pbs.twimg.com/media/FyKT86pXwAAI40z.jpg)
[7] Splurging investors' money
🔸Yadav rented a splurging co-working space for ₹1 Cr rent per month with ₹15 Cr in deposit🤯
🔸Still he used to go rent Taj Hotel conference rooms at ₹80,000 per day🤦
🔸There's possibly a link between Yadav and property owner
🔸Yadav rented a splurging co-working space for ₹1 Cr rent per month with ₹15 Cr in deposit🤯
🔸Still he used to go rent Taj Hotel conference rooms at ₹80,000 per day🤦
🔸There's possibly a link between Yadav and property owner
![[7] Splurging investors' money
🔸Yadav rented a splurging co-working space for ₹1 Cr rent per month...](https://pbs.twimg.com/media/FyKUBWPX0Agx4IS.jpg)
[8] Vendors unpaid
🔸Salaries paid to employees who never worked at the company, which actual employees took personal loans and were not paid since Nov'22
🔸Overdue payment to marketing & tech vendors totalling over ₹20 Cr
🔸Home loan partners not paid to the tune of ₹1 Cr
🔸Salaries paid to employees who never worked at the company, which actual employees took personal loans and were not paid since Nov'22
🔸Overdue payment to marketing & tech vendors totalling over ₹20 Cr
🔸Home loan partners not paid to the tune of ₹1 Cr
A person close to Info Edge leadership said,
“Supporting him was an error in judgement. A leopard cannot change its spots.”
I have myself burnt my hands with investing in an unlisted company.
It's not worth the risk unless you have ten cr+ and you're investing <10%
“Supporting him was an error in judgement. A leopard cannot change its spots.”
I have myself burnt my hands with investing in an unlisted company.
It's not worth the risk unless you have ten cr+ and you're investing <10%
Disclaimer: The facts given in the instant case are alleged and not proven yet which have been picked from a story @Inc42 (link mentioned in tweets above). Not my story or allegations :)
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