Rahul Yadav - the much-talked-about co-founder and ex-CEO of Housing.com, in his popular style (using Social media), announced failure of his latest venture.
The company called Intelligent Interfaces was being designed as a technology platform to use data analytics to ‘streamline processes for the government’. Noticeably, his venture was backed and praised by two of the biggest names in Indian eRetail space and co-founders of Flipkart, Sachin and Binny Bansal.
Last July, when Yadav was asked to leave from Housing.com, he made clear to start his own company soon. Initially his Facebook posts revealed that he would launch a company by August 15, but the dates kept getting pushed.
Finally in December, Yadav announced to have raised money for his new venture from Sachin and Binny Bansal of Flipkart, Yuvraj Singh's seed fund venture YouWeCan Ventures, and reportedly Vijay Shekhar Sharma from Paytm.
The investors chose to remain tightlipped on the insights on funding, partnerships and other specifics.
As anticipated by the startup ecosystem, Intelligent Interfaces was supposed to revolutionise how the government functions.
Yadav valued his company, which did not have any clients at the time at Rs 170 crore. But a recent report by Inc42 revealed that the IIT dropout had raised just about Rs 3 crore, which he managed to blow through within three months. The report said that in that Rs 3 crore, he reimbursed himself Rs 1.5 crore for a trip he took to Silicon Valley before starting the company.
However, the IIT dropout took it ti social media to say that he stayed at Azeem's house in NYC and Washington DC to save hotel cost and mostly in cheap AirBnBs in SF.
Moreover on the rumours of him running couple of parallel companies, He revealed to have blocked few NAMES and DOMAIN NAMES because he liked them. He emphasized that those are not companies, but just few blocked names.
Yadav in a separate post then blamed ‘government officials for not taking any decision’. He had, however, hinted that another Real Estate venture may be in the offing.
“Why ii for government is not working out because no govt official is willing to take any decision in Delhi. All are afraid that even if they try to do something good, possibility is that they will be dragged in some sort of favoritism case by this country's stupid media. Hence nobody wants to take any call even when they realise it's a sensible solution,” read the Facebook post by Yadav.
He had, however, hinted that another real estate venture may be in the offing.