Feb 12, 2020 | AS Team
The group CEO of the on MakeMyTrip, Deep Kalra, one of the nation’s most respected startup entrepreneurs has announced his decision of stepping down from his position as CEO of the firm, paving the way for the firm’s co-founder Rajesh Magow to take over as leader.
Previously heading the firm’s business in India, Magow has now been handed the control of the entire business with Kalra now serving as executive chairman for the firm’s board as announced by the company in a statement.
The firm also stated that in his new position Kalra will now be prompting critical initiatives which include the innovation and expansion of the product, it’s geographic growth, innovations in the business model and corporate development. Meanwhile, Magow will be heading the next phase of the company’s growth through its 3 powerful brands, namely MakeMyTrip, Goibibo and Redbus, while also carrying on to work closely with Kalra.
Regarding this new development, Kalra has stated that the firm regards a division of the roles of the Group CEO and Executive Chairman as a strategy to benefit the firm and to enable it to fixate more on long-term strategic opportunities within and outside of India while also preserving it’s leading position in its existing businesses. Alongside having founded the company back in 2000, Kalra has also played a fundamental role in securing the firm’s effortless acquisition for the Ibibo group in the $2 billion deal in 2016.
Make My Trip, one of India’s most renowned and largest online travel agencies has a market capitalization of $3.083 as of 12th February.
The firm has reported a Q3 adjusted net loss of $15.8 million compared to a loss of $14.8 million, last year. Simultaneously the adjusted revenue escalated by 14.9% (13.4% in constant currency) year-on-year to $206.7 million. The firm reported it’s quarterly gross bookings to be over $1.7bn.
It remains to be seen how Kalra becoming executive chairman will impact the company’s financials.