Ibibo founder and MakeMyTrip MD Ashish Kashyap resigns
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.
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.
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.
"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.
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.