Renowned travel firm, MakeMyTrip on Wednesday announced the resignation of their President and Co-Founder Ashish Kashyap with effect from September 30, 2017. Ashish Kashyap, who was affiliated with the Ibibo Group for about 10 years has said that the merger of Ibibo Group with MakeMyTrip is one of the proudest moments of his life. He said that he will be spending more of his time creating new opportunities.
Both the companies, MakeMyTrip (India) Pvt Ltd and Ibibo Group Private Ltd, have agreed to sign off on a separation agreement with Ashish Kashyap. Kashyap, as a part of the agreement, has agreed to non-compete and non-solicitation obligations which shall continue until 30th September 2019. Along with various other things, the agreement also provides certain monetary benefits and financial settlement of dues to Ashish Kashyap.
MakeMyTrip Ltd acquired Ibibo’s travel business in India in October 2016. Along with Deep Karla, Group CEO of MakeMyTrip, Kashyap was one of the main draftspersons of this deal which was among one of the largest deals in the Indian Internet space. A couple of weeks ago, MakeMyTrip tied up with Travelport’s distributor for India, InterGlobe Technology Quotient for using its Travel E-Commerce Platform. Travelport provides technology, payment and other solutions for travel and tourism industry. It has over 4,000 employees working for them and exists in more than 180 countries. MakeMyTrip will be using their platform to provide their customers access to all airlines operating within India and those operating to and from India.
Little less than a year ago, the two companies announced their plan to merge in an all-stock deal valued at around $1.8-$2 billion. South African investors, Naspers and Tencent, which owned Ibibo, became the largest shareholders with 40% stake in the combined enterprise.
The Competition Commission of India gave the merger deal necessary clearances in January 2017, post which, all the brands of Ibibo such as Goibibo, redBus, Ryde and Rightstay became a part of MakeMyTrip.