MakeMyTrip president Ashish Kashyap resigns
New Delhi: Online travel firm MakeMyTrip Ltd on Wednesday announced the resignation of president Ashish Kashyap with effect from September 30, 2017.
Kashyap, who was associated with Ibibo Group for 10 years, said “the merger (of Ibibo Group) with MakeMyTrip this year is one of my proudest moments, and I look forward to seeing their continued success”, adding that he will now spend more time “creating new opportunities”.
MakeMyTrip Ltd acquired Ibibo Group’s travel business in India in October 2016.
“Ashish has made immense contribution in bringing the MakeMyTrip-Ibibo deal to fruition and setting a strong foundation for the future success of the combined group,” said Deep Kalra, group chairman and group CEO, MakeMyTrip.
On 18 August, Mint reported that “the acquisition created India’s largest online travel firm and investors are betting that the consolidation in the sector will result in reduced cash burn…. But the perceived dominance in the online travel space is missing from MakeMyTrip’s financials. If anything, losses are widening with the company doling out heavy discounts to customers.”
Kashyap’s resignation has been accepted by the MakeMyTrip board and his last day at the company will be 30 September.
“MakeMyTrip (India) Pvt Limited and Ibibo Group Pvt. Ltd have entered into a separation agreement with Kashyap. This agreement, provides among other things, final settlement of dues and benefits to Mr Kashyap and certain obligations on Kashyap, including Non-Solicitation and Non-Competition which shall continue until 30 September 2019,” MakeMyTrip said in a statement.