After 11 months of merger between MakeMyTrip and ibibo, president of the merged entity Ashish Kashyap has resigned from India’s largest online travel operator. The company has confirmed Kashyap’s resignation through a statement submitted with the US Securities and Exchange Commission.
The MakeMyTrip Board has accepted the resignation and MakeMyTrip and ibibo have entered into a separation agreement with Ashish Kashyap. Importantly, it’s not clear where Kashyap will head after his resignation.
In October last year, one of the biggest consolidation in the travel space was announced with talks of the MakeMyTrip and Ibibo Group merger. The merger was completed in January this year after three months of the initial announcement.
Speaking about his resignation, Kashyap 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.”
His resignation comes after the two companies announced to merge in an all stock deal. At a time of merger, neither company indicated the value of the combined entity, however people familiar with the transaction estimated it at about $1.8-$2 billion.
Post merger South Africa’s media conglomerate Naspers and China’s Tencent became the largest shareholders in the combined entity with a whopping 40% stake. The merger has brought together the top travel brands MakeMyTrip, goibibo, redBus, Ryde, and Rightstay under one unit.
Deep Kalra, Group Chairman and Group CEO, MakeMyTrip, said “Ashish has made immense contributions 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.”