Ibibo founder Ashish Kashyap has resigned from MakeMyTrip, 10 months after the merger of the two online travel portals. Kashyap joined as MakeMyTrip president earlier this year. He will remain with the portal till September end. MakeMyTrip said its board has accepted Kashyap’s resignation. Also, both the companies have separation agreements with him.
This agreement provides, among other things, final settlement of dues and benefits, and certain obligations on Kashyap including non-solicitation and non-competition, which shall continue until September 30, 2019.The online portal did not disclose the reasons for Kashyap’s exit. Issues related to integration and different working styles are said to be possible reasons for his departure. “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,” Kashyap said in a statement. 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.” Last October, MakeMyTrip acquired Ibibo, making it the largest online travel company in India. The deal secured Competition Commission of India’s approval in January. In the April-June quarter this year, MakeMyTrip did air travel and hotel bookings worth $1 billion (about Rs 6,400 crore), indicating a strong business growth.