The founder of the Ibibo Group and the President of MakeMyTrip has put in his papers. The company has accepted his resignation and he would leave the organization on 30th September. His replacement has not yet been announced.
In October 2016, the online travel firm MakeMyTrip had agreed to buy Ibibo Group in all stock deal, which had led to the creation of country’s largest online firm. The deal had received approval from the Competition Commission of India in January 2017.
After the merger, Kashyap had assumed the role of the co-founder and the President of the merged entity. Along with Deep Kalra, who is the Group CEO of the MakeMyTrip, he was the main architect of the deal. Reportedly, the deal resulted in Ibibo’s owners Naspers and Tencent with a 40% stake in the merged entity.
According to a media report, Kashyap said that the merger of Ibibo and Make My Trip was one his proudest moments and that he looks forward to their continued success.
In a statement issued by the MakeMyTrip, “MakeMyTrip (India) Pvt Limited and Ibibo Group Pvt. Ltd 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 which shall continue until 30 September 2019.”