After curating what has been touted as not only one of the biggest acquisitions in the online travel and hospitality space, but in the Indian internet ecosystem in general, Ibibo Group Founder Ashish Kashyap has decided to step back from his role of president at MakeMyTrip.
The leading travel and hospitality aggregator accepted the resignation of Ashish with effect from September 30, 2017, and confirmed the news in a statement. MakeMyTrip (India) and ibibo Group have set in motion a separation agreement with Ashish, which, among other things, will effect the final settlement of dues and benefits to Ashish, and in turn, impose certain obligations on him including non-solicitation and non-competition until September 30, 2019.
Ashish, who holds an Economics (Honors) degree from University of Delhi and a diploma in International Masters in Practicing Management (IMPM) from Insead, Fontainebleau, France, has made stellar contributions to India's internet economy, that date back to way before him setting up the ibibo Group.
Before establishing ibibo back in January 2007, Ashish 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. Ashish 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.
The all-stock MakeMyTrip and Goibibo merger valued at $1.8-$2 billion, which was initiated a little less than a year ago and cleared by the Competition Commission of India in January this year, brought all the entities in the ibibo Group -- like Redbus, Goibibo, Rightstay etc. -- under MakeMyTrip's umbrella. In turn, the owners of ibibo, South African entity Naspers and Tencent, became the largest shareholders in the resulting company, and hold a 40 percent stake.
Deep Kalra, Group Chairman and Group CEO, MakeMyTrip, said, “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. At this juncture, I respect his passion for creating and nurturing new and innovative ideas and we wish him the best for the future.”
Ashish, in turn, said, “The last ten years have been a fantastic journey and I feel privileged to have played a part in the creation and rapid growth of several leading technology brands in India. The merger with MakeMyTrip this year is one of my proudest moments, and I look forward to seeing their continued success. At the same time, I am extremely excited to be spending more of my time creating new opportunities.”
The NASDAQ listed MakeMyTrip offers air ticketing, hotel and alternative accommodation bookings, holiday planning and packaging, rail ticketing, bus ticketing, car hire and ancillary travel requirements such as facilitating access to third-party travel insurance and visa processing.
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