The other co-founder, Rajesh Magow, who has been handling the Indian business operations, will now take over as the Group CEO.

Money Appointment Wednesday, February 12, 2020 - 15:14

There is a change at the top at MakeMyTrip (MMT). The incumbent Group Chief Executive and co-founder, Deep Kalra has stepped down and assumed the role of an Executive Chairman. The other co-founder, Rajesh Magow, who has been handling the Indian business operations, will now take over as the Group CEO. Deep Kalra, as the Group Executive Chairman, “will devote his full time to pursuing strategic initiatives, including product innovation and expansion, geographic growth, business model innovation and corporate development”, said a statement issued by the company.

MakeMyTrip, a NASDAQ-listed entity that has MakeMyTrip, Goibibo and Redbus under its fold, will now be managed by Magow, as far as the day-to-day management is concerned. The company enjoys a market capitalisation of $2,74 billion. While today’s startups are coming under pressure from their investors to list their companies on the bourses, Deep Kalra was bold enough to list MMT on NASDAQ as early as in 2010.

Having acquired the Ibibo Group, MMT virtually controls up to 70% of the online travel bookings market and the company itself was valued at $1.8 to $2 billion in 2016.

The company announced its results for the third quarter of the current FY20 in US Dollars. The revenue has increased by 14.9% y-o-y in this quarter to $206.7 million and the operating loss has been brought down to $11 million for the quarter from $22 million a year back. The adjusted net loss stands at $15.8 million. In terms of gross bookings, the quarter witnessed a figure of $1.7 billion, an increase of 19% over the same quarter the previous fiscal.