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Ibibo founder and MakeMyTrip MD Ashish Kashyap resigns
Last updated on Sep 07, 2017, 03:44 pm
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Ashish Kashyap, the founder of the Ibibo Group and the president of India's largest online travel operator MakeMyTrip, announced his resignation yesterday.
The resignation was confirmed by the NASDAQ-registered company in a filing submitted with the US Securities and Exchange Commission.
The MakeMyTrip board accepted his resignation and Kashyap's last working day will be 30th September.
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MakeMyTrip's statement on Kashyap's resignation
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MakeMyTrip and Ibibo Group "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 [till 2019]," said MakeMyTrip's statement.
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Ibibo deal
Kashyap played an instrumental role in Ibibo's sale
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Kashyap had been associated with the Ibibo Group for for 10 years.
In October 2016, MakeMyTrip completed the acquisition of Ibibo Group. The $2 billion all-stock deal was considered to be the largest in the Indian internet space.
Kashyap played an instrumental role in bringing the MakeMyTrip-Ibibo deal to fruition, and was consequently praised for his "immense contribution" by MakeMyTrip CEO Deep Kalra.
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MakeMyTrip CEO acknowledges Kashyap's contribution
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"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, the group chairman and group CEO of MakeMyTrip.
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Kashyap's career
Ashish Kashyap's career
![Ashish Kashyap's career]( "Ashish Kashyap's career")
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Kashyap holds a undergraduate degree in economics from DU's Kirori Mal College, and a Masters from McGill University, Canada.
Then he spent three years at the digital arm of Economic Times publisher Bennett Coleman & Co.
Kashyap then moved to Google in 2005 and after completing his stint there, formed Ibibo Group which was initially set up as a greenfield incubator.
