MakeMyTrip's Co-founder And President Ashish Kashyap Resigns
Online travel firm MakeMyTrip Ltd announced the resignation of president Ashish Kashyap with effect from September 30, 2017. MakeMyTrip Ltd acquired Ibibo Group’s travel business in India in October 2016. According to experts, the acquisition created India’s largest online travel firm. However, MakeMyTrip reportedly started running at losses owing to the company doling out heavy discounts to customers.
Kashyap was associated with Ibibo Group for 10 years, and was very excited about the merger calling it one of his “proudest moments”, that will enable him to spend more time “creating new opportunities”.
“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.
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.
Kashyap holds an Economics (Honors) degree from University of Delhi and a diploma in International Masters in Practicing Management (IMPM) from Insead, France.
Before establishing ibibo back in January 2007, Kashyap had set up and launched Google India’s domestic operations as their Country Head, Indian Sales and Operations, and even before that, he was General Manager, e-commerce at Indiatimes.com, and is credited with erecting a host of innovative applications for the portal ranging from ‘online auctions’, to travel & shopping.
Kashyap also served on the board of PayU global, Netherlands, creating significant value for his companies through strategic exits via sale of assets such as Gaadi.com and PayU India.
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