Online travel company MakeMyTrip Tuesday announced that Rajesh Magow has been elevated to the role of Group Chief Executive Officer (CEO). He has replaced founder Deep Kalra, who will now serve as the Executive Chairman.
The company said that the transition will also help Kalra devote full time and focus to strategic initiatives for MakeMyTrip, which would include product innovation and expansion, geographic growth, business model innovation and corporate development.
Announcing the elevation during the earnings call, Kalra said, “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.”
“Over the last six years, Rajesh has been credited with navigating our India business through varied competitive dynamics and championing the growth of our diversified revenue streams. He has successfully integrated the Ibibo Group and helped to capitalize on significant synergies across the 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,” he added.
Magow has been instrumental in driving the company’s hotels and packages businesses on a growth trajectory. He has also been one of the key contributors in multiple strategic fundraising activities, including securing investments from China’s largest online travel agency Ctrip and South Africa’s Naspers along with other public investors, according to his profile on MakeMyTrip website.
Magow, an alumni of Institute of Chartered Accountants of India, started his career with Voltas and has also worked with Aptech Limited and Quantum in senior management positions. He also serves as an independent director on the board of Flipkart.
Meanwhile, announcing its quarterly results, MakeMyTrip said it has witnessed growth in domestic hotels, outbound hotels and flights, bus booking business, and mainstay domestic flights business even as travel sector experienced a period of weak consumer sentiment.
MakeMyTrip Group reported adjusted net loss of $15.8 million in the third quarter, compared to a loss of $14.8 million in the same period last year. Adjusted operating loss narrowed year-over-year to $11 million from $22.2 million in the previous year. Third-quarter adjusted revenue increased 14.9% year-on-year to $206.7 million.