MakeMyTrip and Ibibo have entered into a separation agreement with Kashyap after the resignation.
New Delhi: Online travel firm MakeMyTrip on Wednesday announced the resignation of Co-Founder and President Ashish Kashyap with effect from September 30, 2017.
The company's board has accepted the resignation and MakeMyTrip (India) Pvt Ltd and Ibibo Group Private Ltd have entered into a separation agreement with Kashyap, MakeMyTrip said in a statement.
This agreement provides, among other things, final settlement of dues and benefits to Kashyap and certain obligations on him, including non-solicitation and non-competition, which shall continue until September 30, 2019, the statement added.
Deep Kalra, Group Chairman and Group CEO, MakeMyTrip, said, "Ashish has made immense contribution 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." 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."
Earlier last month, MakeMyTrip had inked an agreement with Travelport's distributor for India, InterGlobe Technology Quotient (ITQ), for the use of the UK-headquartered firm's travel commerce platform.
Under the terms of the agreement, MakeMyTrip can expand the use of Travelport's technology, from the Ibibo group to its other primary distribution channels. MakeMyTrip had acquired the Ibibo group in January 2017.
UK-based Travelport provides distribution, technology, payment, mobile and other solutions for the global travel and tourism industry. It has presence in nearly 180 countries and has close to 4,000 employees. MakeMyTrip provides its customers access to all major airlines operating in India and those operating to and from India.
The online travel firm also offers access to over 45,000 hotels, 13,500 alternative accommodation in India and more than 5,00,000 hotels and properties outside the country.