MakeMyTrip’s Ashish Kashyap resigns

According to a statement issued by MakeMyTrip, the company’ president, Ashish Kashyap, has resigned.

In a filing submitted with the US Securities and Exchange Commission, the company said, “Kashyap’s resignation has been accepted and will come into effect from September 30. Kashyap, as part of an agreement signed with both MakeMyTrip Ltd and Ibibo Group, had agreed to a non-compete and non-solicitation obligation for a period of one year.”

Kashyap had assumed the role of president and co-founder, post the Gurgaon-based online travel operator’s acquisition of its smaller rival, Ibibo Group, in October last year. Along with MakeMyTrip Group CEO Deep Kalra, Kashyap was one of the main architects of a deal that is widely perceived to be the largest in the Indian internet space.

His resignation comes a little less than a year after the two companies announced their intention to merge in an all-stock deal valued at $1.8–$2 billion. In January this year, the deal received the necessary clearance from the Competition Commission of India, formally bringing all brands of the Ibibo Group such as Goibibo, redBus, Ryde and Rightstay under MakeMyTrip.

The successor of Kashyap has not been named yet.

Kashyap, a DPS-Mathura Road alumnus, who also holds an economics degree from Delhi University’s Kirori Mal College and a Masters from McGill University, has been one of the most active entrepreneurs in the Indian start-up ecosystem.

He spent three years at Times Internet, the digital arm of Bennett Coleman and Co., the publisher of The Economic Times, before moving to Google in 2005. Post his stint at Google, he set up Ibibo Group, in partnership with Naspers.

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