MMT Founder Deep Kalra Steps Down as Group CEO to Take up Chairman Responsibilities
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Management reshuffle in any company is an important process to ensure its growth. Over the past year, the Indian startup ecosystem has witnessed several reshuffles and restructuring to keep the company moving. In the most recent development, NASDAQ-listed online travel company MakeMyTrip (MMT) founder Deep Kalra announced his plans to step down as the group CEO.
According to the official statement, co-founder Rajesh Magow who was heading the India business will take up the group CEO position while Kalra steps up to become the Executive Chairman.
Separating Roles To Focus On Strategic Opportunities
According to the company, Kalra will now focus on strategic initiatives, including product innovation and expansion, geographic growth, business model innovation and corporate development.
“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,” Kalra said in a statement.
Over the last six years, Magrow was navigating the India business. He has successfully integrated the Ibibo Group and has helped to capitalize on significant synergies across brands and teams. “The board and I have utmost confidence in Rajesh’s capabilities in his elevated role to drive the next phase of growth for the group through its three strong brands, MakeMyTrip, Goibibo and Redbus. In this role, he will continue to work closely with me,” Kalra added.
MMT Reports Reduced Operating Losses in Q3 FY19-20
The Gurugram-based company founded in 2000 has paved its way up to become one of the leading online travel companies in India. It is one of the earliest Indian internet companies to list itself. MMT went public in 2010 and made a $70 million debut on the Nasdaq.
The company recently reported that its FY2019-2020 Q3 adjusted revenue has reached $206.7 million. For the nine months of this fiscal year, adjusted revenue stands at 586.2 million dollars, witnessing a constant year-on-year currency growth of over 16 per cent.
“MakeMyTrip Group achieved record quarterly gross bookings of over $1.7 billion, a constant currency growth of nearly 19 per cent. This represents nearly $4.9 billion in gross bookings and constant currency growth of over 21 per cent for the nine months of fiscal 2020,” the company said in a statement.
MMT has also reduced its adjusted operating losses to $11 million in Q3 FY 2019-20 compared to $22.2 million during the same time last financial year.
The company also claims to have recorded nearly 8.3 million room nights in their standalone online hotels business in the third quarter of FY2019-20, marking a year-on-year growth of over 21 per cent.