Deep Kalra, group chief executives of MakeMyTrip, has stepped down, with co-founder Rajesh Magow, who was heading its India business, taking over Kalra’s role. Kalra will now serve as executive chairman, the company said in a statement.
“He will devote his full time to pursuing strategic initiatives, including product innovation and expansion, geographic growth, business model innovation and corporate development, in his new role as group executive chairman,” the company said.
Rajesh Magow, who was till recently CEO of MakeMyTrip India, will now take over as group chief executive, a move that effectively separates the two roles.
“Focus on long-term strategic opportunities.”
The online travel agency has a market capitalisation of USD 2.74 billion as of now. The company, founded by Kalra in 2000, was among the earliest cohort of Indian consumer internet companies to go public when it made its USD 70 million debut on the Nasdaq in 2010.
Kalra was also instrumental in acquiring its closest rival, Ibibo Group, in a largely stock acquisition valued at about USD 1.8 to 2 billion in 2016, creating an online travel behemoth that controls 60%-70% of the online travel market. “We believe that separating the roles of group CEO and executive chairman will allow us to focus more on long-term strategic opportunities within and outside India, while maintaining our market leading position in our existing businesses,” he said.