'Bro wouldn’t go to office but book board rooms in Taj': Twitterati slam Rahul Yadav as Rs 280 cr vanishes with Broker Network

Rahul Yadav has been termed as the "enfant terrible of Indian startup ecosystem" by Twitter users as reports emerged of his lavish lifestyle even as his proptech company Broker Network (operated by 4B Networks) didn't pay its employers for months together.

According to a report in startup news portal Inc42, Broker Network burnt over Rs 280 crore in less than 18 months, while over 150 employees have not been paid since November last year.

Broker Network (4B Networks Private Limited), started in November 2020 by Yadav, was created to enable real estate developers and brokers to communicate with each other and conduct their business through its platform.

Allcheckdeals India Private Limited (AIPL), a wholly-owned subsidiary of Info Edge, invested Rs 276 crore in Yadav's 4B Networks and provided debt financing of Rs 12 crore.

Now, Info Edge has initiated a forensic audit by Deloitte into the proptech startup in which it holds a stake, as Yadav "repeatedly failed to provide the information".

Also WATCH: This camera has no lens but creates images using AI, location details, text prompts. Know all about Paragraphica

The report had details of Yadav's lavish lifestyle, which included owning a Mercedes-Maybach and hiring a boardroom at Mumbai's Taj Land's End for Rs 80,000 per day.

Also WATCH: Antilia bomb scare: SC grants bail to ex-cop Pradeep Sharma, know about RIL Chairman Mukesh Ambani’s bomb scare case, Mansukh Hiren murder case

The IIT Bombay dropout was earlier also caught in the crossfire when he was booted out of his SoftBank-backed venture Housing.com because his behaviour towards investors and media was found to be not 'befitting' of a CEO.

Rahul Yadav tried to deplete Info Edge's shareholding in the company by offering to bring in Rs 50 crore of fresh funds from a Dubai-based property dealer in March-April at a valuation that was 99% lower than its last funding round, according to report by Moneycontrol.

"A leopard cannot change its spots," said Amit Gupta, who is from the startup ecosystem, on LinkedIn about the IIT Bombay dropout.

Also WATCH: Swara Bhasker announces pregnancy months after marrying SP leader Fahad Ahmad, check viral post of baby bump

"Yadav’s journey shows a pattern of starting companies, raising funds & then shutting them down (in a year or two). It’s the kind of ‘resume’ that should have attracted questions from Info Edge," added Gupta in the LinkedIn post.

"Rahul Yadav took 280 crores from VCs, spent everything and is now not replying to VC emails. Bro wouldn’t go to office but book Boardrooms in Taj for daily working at 80k/day," said Abhishek Asthana aka Gabbar on Twitter, who made a pitch on Shark Tank India.

The startup ecosystem has been rocked by several such cases in the past, including BharatPe co-founder Ashneer Grover and Singapore-based fashion startup Zilingo founder Ankiti Bose.

Also WATCH: US woman marries AI chatbot she created. Know all about this bizarre human-AI couple, Replika AI and more