Ashish Kashyap on 6 September 2017 resigned as the President and Co-founder of MakeMyTrip with effect from 30 September 2017. As per the settlement agreement, Kashyap will be under non-solicitation and non-competition obligation for the next two years.
Kashyap had assumed the role of President and Co-founder after MakeMyTrip acquired Ibibo Group in October 2016. Kashyap was earlier designated as the Chief Executive Officer of the Ibibo Group.
While the deal was announced in October 2016, the Competition Commission of India approved the acquisition in February 2017.
MakeMyTrip currently owns 100 per cent of Ibibo Group. Naspers and Tencent are the largest shareholders in MakeMyTrip, owning a 40 per cent stake.
About Ashish Kashyap
• Kashyap holds a Bachelor's Degree in Economics from Delhi University’s Kirori Mal College and a Masters Degree from McGill University.
• He served Times Internet for three years before moving to Google in 2005. Times Internet is the digital arm of Bennett Coleman and Co and the publisher of The Economic Times.
• After his stint at Google, he had set up Ibibo Group, which was initially created as a greenfield incubator in partnership with Naspers and later evolved into an online travel business.
Who: Ashish Kashyap
When: 6 September 2017