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<keyword id="5383302" type="General" weightage="20" keywordseo="makemytrip-founder" source="Orion">MakeMyTrip Founder</keyword> and Chairman <keyword id="6467279" type="General" weightage="20" keywordseo="deep-kalra" source="Orion">Deep Kalra</keyword> is moving to a chief mentor's role, 21 years after founding the startup. Kalra has been the Group Executive Chairman of <keyword id="54613" type="General" weightage="20" keywordseo="makemytrip" source="Orion">MakeMyTrip</keyword> since February 11, 2020. According to an SEC filing, the company said: "In his new role as Group Chairman and Chief Mentor effective April 1, 2022, which was approved by the board of directors of MakeMyTrip, Deep Kalra will devote his time in providing mentorship to MakeMyTrip's leadership team, as well as continuing to pursue strategic initiatives such as product innovation and expansion." <keyword id="368700" type="General" weightage="20" keywordseo="rajesh-magow" source="Orion">Rajesh Magow</keyword> as Group Chief Executive Officer will continue to focus on driving the next phase of growth for MakeMyTrip. Under Kalra, MakeMyTrip made a successful listing on Nasdaq in 2010. Kalra is also a founding member of Ashoka University. SEE ALSO <a href="https://www.businessinsider.in/business/auto/news/electric-bus-maker-olectra-greentech-have-surged-540-in-the-last-12-months/articleshow/88685068.cms" style="">Shares of this electric bus maker have surged 540% in the last 12 months</a> <a href="https://www.businessinsider.in/business/auto/news/bmws-colour-changing-paint-feature-may-have-more-uses-than-just-curing-boredom-and-indecisiveness/articleshow/88727490.cms" style="">BMW’s colour-changing paint technology might have more uses than just curing boredom and indecisiveness</a> <a href="https://www.businessinsider.in/business/corporates/news/mukesh-ambanis-reliance-acquires-uk-battery-tech-company-faradion/articleshow/88606195.cms">Mukesh Ambani’s clean energy vision gets a New Year boost with the acquisition of this UK battery tech company</a>

MakeMyTrip's founder Deep Kalra moves into a chief mentor role

New Delhi, Mar 25 () Online travel firm MakeMyTrip's top executives Deep kalra and Rajesh Magow have decided to draw 'zero salary' from April 2020, while the rest of its leadership team will take a reduction of around 50 per cent in their compensation amid the COVID-19 outbreak. Group Executive Chairman Deep Kalra and its Group CEO Rajesh Magow have decided to take 'zero salary' from April 2020 as the company plans to undertake multiple "tough measures" to keep overall expenses at a minimum amid the COVID-19 outbreak. "On people costs front, both of us will take the lead and take zero salary effective April 2020, while the rest of our leadership team have also offered to take a reduction of approximately 50 per cent in their compensation," Kalra and Magow said in a message to company's employees. The group is reviewing operating costs and plans to undertake multiple tough measures to keep overall expenses at a minimum. Being an online company, the majority of the costs are variable, however the situation demands that it takes a hard look at all the fixed costs including people costs, the message said. "The last few weeks have been very tough for all of us with the sudden and sharp spread of COVID-19 in India. Our stellar performance in Q3 2020 was sadly short lived as the travel and tourism sector is one of the worst sectors that have been hit by this pandemic," Kalra and Magow said. There has been sharp drop in bookings with spiralling cancellations and the latest restrictions on domestic air/ rail/bus travel has brought the industry to a virtual standstill. These are incredibly tough times that we need to navigate through together!... Economic experts across the world are predicting it to be a global economic tsunami that will have far reaching implications for the global economy, the message said. "Therefore, we need to focus on two critical areas (i) safety and well-being of our staff, customers and the society at large, and (ii) minimising the impact to our business from these disruptions," it added. This means the group will continue to sharply reduce variable costs like advertising, sales promotions and payment gateway costs, along with optimising IT infrastructure and expenses relating to the functioning of our offices and other establishments, they added. "We will immediately cancel all discretionary spends such as events, trainings, etc. and also suspend brand building expenses during the following quarter," the message said. They expressed confidence that with all these steps the group would together be able to weather this storm and come out stronger. "At this time, please do take best care of yourself and your loved ones. Be well," they said in a filing made to the US Securities and Exchange Commission. AKT DRRDRR

MakeMyTrip's Deep kalra, Rajesh Magow to draw 'zero salary' due to COVID-19 impact

New Delhi, Feb 11 () Leading online travel firm MakeMyTrip on Tuesday reported a narrowing of its adjusted operating loss to USD 11 million (over Rs 78 crore) for the quarter to December 2019 and also announced elevation of Rajesh Magow as the Group CEO. The company had posted an adjusted operating loss of USD 22.2 million (over Rs 158 crore) for the corresponding period of the previous fiscal, MakeMyTrip said in a statement. The adjusted revenue for the quarter under consideration reached a new quarterly high of USD 206.7 million (over Rs 1,470 crore). It was USD 179.9 million (over Rs 1,280 crore) for the same period year ago. MakeMyTrip also announced the elevation of Rajesh Magow as the Group CEO of MakeMyTrip as founder Deep Kalra takes up the role of Executive Chairman. "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," MakeMyTrip founder Deep Kalra said during the earnings call. 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. 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, MakeMyTrip said. MakeMyTrip Group achieved record quarterly gross bookings of over 1.7 billion dollars, the company said. The company achieved a new record of nearly 8.3 million room nights in our standalone online hotels business during the third quarter this fiscal, it added. This represents a year on year growth of over 21 per cent and a reacceleration in volume growth from the previous two quarters, it added. "We evaluate our financial performance based on adjusted revenue, which represents IFRS revenue after adding back promotion expenses in the nature of customer discounts, customer inducement/acquisition costs and loyalty programs cost which are reported as a reduction of revenue, and deducting the cost of acquisition of services primarily relating to sales to customers where the company acts as the principal, as we believe that adjusted revenue reflects the value addition of the travel services that we provides to our customers," MakeMyTrip said. AKT MKJ

MakeMyTrip's Q3 loss narrows to USD 11 mn; Rajesh Magow elevated as Group CEO

MakeMyTrip is a household name in most metros and large cities of India. People of India love to <keyword id="6354692" type="ORGANIZATION" weightage="100" keywordseo="Travel">travel</keyword> and MakeMyTrip is one of the preferred choices for them to make a reservation (for both airlines and <keyword id="6368036" type="PERSON" weightage="80" keywordseo="Hotels">hotels</keyword>). Recently, MMT announced <keyword id="6357455" type="EVENT" weightage="80" keywordseo="Funding">funding</keyword> of $15 million <keyword id="306629" type="ORGANIZATION" weightage="80" keywordseo="Innovation-Fund">innovation fund</keyword> for new entrepreneurs in the travel circuit. We got a chance to catch up with Rajesh Magow, <keyword id="170488" type="POSITION" weightage="80" keywordseo="co-founder">Co-Founder</keyword> and CEO-India, <keyword id="143717" type="COMPANY" weightage="100" keywordseo="Makemytrip-com">MakeMyTrip.com</keyword> and he told us some interesting facts about the journey so far and why did the company decide to raise this fund. 
 
MakeMyTrip has grown by leaps and bounds. Can you give BI India readers a small glimpse of the MMT’s journey till date? 
 
MakeMyTrip.com was founded in the year 2000. Deep Kalra (Founder) conceptualized it with the idea to empower Indian travellers through choice, flexibility and transparency of pricing. The travel industry in 2000 had not achieved momentum yet. There were a couple of websites that offered air-tickets but none that could comprehensively claim to cater across categories (LCCs and full-service) and offer Best Deal and Lowest Airfare Guarantee. 
 
Upon launching the first version of the site in October 2000, we received a favourable response from the US. In India however, travellers were more inclined to research online, but make the actual buying decision using traditional modes of payment. We had to take a hard call to stop all marketing in India; on hindsight this turned out to be one of the best decisions for the company. By focusing solely on the NRI market, we managed to conserve precious marketing dollars while our competitors burnt their fingers in a pre-mature online market. 
 
After consolidating our position in the market as a brand recognized for its reliability and transparency, we launched our India operations in 2005. As the pioneer among Online Travel Companies in India, MakeMyTrip heralded a revolution in the way travel was purchased in India – and soon became the go-to website for booking travel. In 2010 we became the first Indian travel company to list overseas through a successful IPO on NASDAQ. 
 
Today, we are the dominant market-leader with 47% market-share (per a study conducted by PhocusWright in 2013). 
 
MMT like many others has started a venture fund, what was the reason behind it? 
 
We have announced the institution of a $15 million Innovation Fund primarily to support early stage companies/ start-ups in the travel technology space with a special focus on Mobile and IP-based companies. The fund will be focused on young and new ventures in the travel technology space for our market. 
 
This initiative is an additional prong of our inorganic growth strategy of pursuing M&amp;A opportunities in the travel technology space. We intend to purposefully go out and look for such companies and take early stage positions. 
 
What is MMT expectations from this venture funding? 
 
We are excited about the Technology talent in the global marketplace and how it can be leveraged to serve customer needs. We are hopeful that this initiative will encourage entrepreneurs building niche companies in the travel technology domain. 
 
What are the future plans for MMT besides this? 
 
We are already the largest travel company in the country and the largest eCommerce business, recognized for providing the best value-based offerings. In the mid to long-term, we intend to use our core strength i.e. technology to innovate, provide best-in-class service and delight customers. 
 
Rajesh Magow, Co-Founder and CEO-India, MakeMyTrip.com 
 
Top Image: Thinkstock

Rajesh
Magow From MakeMyTrip Is Excited About The $15 Million
Innovation Fund, Will Bring New Talent To The Indian Travel Industry

The overall size of the budget has remained almost unchanged from the interim one presented in February, indicating the government's strong commitment to move along the <keyword id="20099794" type="General" weightage="20" keywordseo="fiscal-prudence" source="keywords">fiscal prudence</keyword> path, said experts on Tuesday. According to the <keyword id="19908389" type="General" weightage="100" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> 2024-25 presented by Finance Minister Nirmala Sitharaman, the total expenditure in Budget Estimates (BE) 2024-25 is estimated at Rs 48,20,512 crore of which total <keyword id="20018917" type="General" weightage="20" keywordseo="capital-expenditure" source="keywords">capital expenditure</keyword> is Rs 11,11,111 crore. The total expenditure in the Interim Budget presented in February was estimated at Rs 47,65,768 crore of which total capital expenditure was Rs 11.11 lakh crore. Debadatta Chand, Managing Director &amp; CEO, <keyword id="19920717" type="General" weightage="20" keywordseo="Bank-of-Baroda" source="keywords" meta.keywordsubtype="org" meta.entityname="Bank of Baroda" meta.hostid="261" meta.entityid="Bank of Baroda">Bank of Baroda</keyword>, said the Union Budget complements the main takeaways from the Economic Survey and focusses clearly on medium term development of the economy. "The overall size of the budget has remained almost unchanged from the interim one. The budget has shown strong intent on moving along the fiscal prudence path and targeted the <keyword id="19942084" type="General" weightage="20" keywordseo="fiscal-deficit" source="keywords">fiscal deficit</keyword> at 4.9 per cent for the year," he said. The said action will keep the growth steady as well as robust not only for economy but also banking. Aditi Nayar, Chief Economist, ICRA Limited, said the budget has kept the capital expenditure unchanged and pared the fiscal deficit to 4.9 per cent of GDP. "The anticipated reiteration of the reduction in the fiscal deficit to below 4.5 per cent of GDP in FY2026 is welcome. Interestingly, the new medium term fiscal consolidation path has been linked to a reduction in the debt/GDP ratio instead of continued compression of the fiscal deficit/GDP ratio," she said. Buoyed by improvement in revenue collection, the government has lowered fiscal deficit target to 4.9 per cent for the current <keyword id="19910979" type="General" weightage="20" keywordseo="financial-year" source="keywords">financial year</keyword> as against 5.1 per cent estimated in February's interim budget. Ranen Banerjee, Partner and Leader Economic Advisory, PwC India, said that fiscal prudence is the highlight of the full Union Budget 2024-25. The government has gone with realistic projections on its revenue and expenditure estimates and refrained from announcing overly populist measures. "The majority of the allocations, including the capex allocation, are as outlined in the interim budget, thus providing continuity. The capex being kept at INR 11.11 trillion was expected, given that the ability to consume this allocation is limited due to disruption from the elections in the first quarter and the second quarter being typically slowed down by the monsoons," Banerjee said. Institute of Chartered Accountants of India (ICAI) President Ranjeet Kumar Agarwal said the government has announced five schemes to facilitate employment and skilling for 4.1 crore youth over the next five years with a central outlay of Rs 2 lakh crore. "This is a welcome step that will create a skilled workforce to address the existing deficit and generate <keyword id="19972727" type="General" weightage="20" keywordseo="employment-opportunities" source="keywords">employment opportunities</keyword>. Additionally, financial support for loans up to Rs 10 lakh for higher education will help students pursue higher education and acquire skills," he added. Indian Institute of Insolvency Professionals of ICAI (IIIPI) Chairman Ashok Haldia said the budget proposals for an integrated technology platform and sprucing up NCLT infrastructure will provide a fillip to the Insolvency and Bankruptcy Code (IBC) regime. IIIPI is promoted by ICAI. Meanwhile, Kumarmangalam Vijay, Partner, JSA Advocates and Solicitors, opined that in its new avatar, it seems that the Modi government is keen to deliver on its promise of 'ease of doing business'. "Its focus on making it simpler is evident from the abolition of the angel tax, the increase in new income tax regime thresholds, new Vivad se Vishwas Scheme 2024 for the resolution of pending cases and the increase in the threshold for appeal by tax departments at various levels, decriminalising the non-reporting of shares received from non-resident employers and reducing the period for re-opening of the cases," Vijay said. The Institute of Company Secretaries of India (ICSI) said there has been a focus on the manufacturing sector in the budget. Measures have been taken for simplifying the FDI/ODI rules and regulations, and the <keyword id="21847964" type="General" weightage="20" keywordseo="tax-regimes" source="keywords">tax regimes</keyword>. The enhanced Mudra loan limit and the abolition of angel tax are all set to incentivize the startup and MSME ecosystem of the country. "The nine priorities identified in this progressive and inclusive budget 2024 are aimed at generating ample opportunities for all. Besides agricultural reforms, the budget focuses on skilling, educating and employing the youth, a priority that the ICSI has been concentrating on," said ICSI President B Narasimhan. Rajesh Magow, Co-Founder and Group CEO, MakeMyTrip, said the government's continued emphasis on infrastructure development is commendable. Enhanced road infrastructure will bolster the travel and tourism sector. "We also welcome the initiatives to develop iconic spiritual and cultural sites into world-class tourist hotspots," Magow said. Furthermore, he said the provision of credit for TCS against income tax under 'Income from Salaries' is logical and will provide much-desired relief to taxpayers who travel internationally.

Budget size almost unchanged from interim, shows govt's commitment to fiscal prudence: Experts

New Delhi, Mar 17 () Online travel firm MakeMyTrip on Tuesday said its priority is to make it as easy and safe as possible for its customers to manage changes to their travel plans on account of the coronavirus outbreak. "We want to reach out to you personally in these uncertain times, as the situation around coronavirus outbreak continues to evolve," MakeMyTrip Founder &amp; Group Executive Chairman Deep Kalra and MakeMyTip Co-Founder &amp; Group CEO Rajesh Magow said in an e-mailed message to customers. The company is taking all possible measures to help serve its customers during these unprecedented circumstances, it added."We are closely working with all our airline and hotel partners on lenient customer policies for date change, cancellations and waivers in the face of evolving travel trends and are seamlessly passing the waiver benefits to our customers, as applicable," the mail said. The company's support teams are working 24x7 and are constantly monitoring updates from the government and public health authorities to be able to serve customers in the best way possible, it added. MakeMyTrip is not levying any fee for processing cancellation or rescheduling requests for domestic as well as international flights up to April 30. The company understands this is a difficult time for travellers and it wants to support them during this period of uncertainty, MakeMyTrip Chief Business Officer Saujanya Shrivastava said. AKT AKT ANUANU

Priority is to make it easy & safe for customers to change travel plans: MakeMyTrip

New Delhi, Feb 1 () The Finance Minister's focus to provide impetus to the travel and tourism sector along with development of transportation infrastructure will accelerate the sector's contribution towards country's economy, according to industry players.
 "Increased allocation of funds for the Ministry of Tourism and Ministry of Culture, development of financial roadmaps for tourist destinations and plans to assign specified grants for states will go a long way in accelerating the contribution of the sector towards India's economy," MakeMyTrip Co-founder and CEO-India Rajesh Magow said.
 Presenting the Budget for 2020-21, Finance Minister Nirmala Sitharaman on Saturday said Rs 3,150 crore has been allocated for the Ministry of Culture and Rs 2,500 crore for the Ministry of Tourism.
 "Additionally, development of five iconic archeological sites across Haryana, Uttar Pradesh, Assam, Gujarat and Tamil Nadu comes as a strategic step towards boosting domestic and inbound heritage tourism to these states," Magow said.
 According to Thomas Cook India Chairman and MD Madhavan Menon said, "... an Indian Institute of Heritage and Conservation will be set up with the status of a deemed university, and this is an imperative towards education and skill development of our sector that contributes a significant 10 per cent to India's GDP".
 The Union Budget intended to give impetus to the Travel and Tourism sector with the allocation of Rs 2,500 crore and equally critical allocation of Rs 1.7 lakh crore towards transportation infrastructure in 2020-21, he added.
 In similar vein, ITC Ltd Executive Director and Chairman-FAITH Nakul Anand said "the allocation to develop 100 new airports by 2024 and the soon to be introduced Tejas trains for iconic destinations are advancements in modern infrastructure that augur well for Indian tourism."
 InterGlobe Hotels President and CEO J B Singh said, "we are hoping that this budget will help in creating and developing new and iconic destinations, thereby redefining the tourism industry, for the better and further improve spending, domestic travel and all this will have great long term benefits for the economy".
 Stating that the vision of government to invest in the tourism sector will be a great push for the hospitality sector, Apeejay Surrendra Park Hotels MD Vijay Dewan said: "India's heritage and culture rich experiences have always attracted tourists to the country and government's plan to develop five archaeological sites at iconic sites with on-site museums will attract more tourists from India and globally."
 Sterling Holidays CMD Ramesh Ramanathan said: "We are pleased with the proposed budget, as it will play a pivotal role in the hospitality and domestic tourism sector, and will have a multiplier effect across the board."
 Travel Food Services COO and Business Head Gaurav Dewan said: "The government's focus on development is clear and reinforced with the allocation of additional funds to the Airport, Railway and the Highway sectors."
 This will boost business and leisure travel thereby generating employment, connectivity and overall economic development of catchment areas, he added.
 "The government's push for infrastructure development by building more airports and the announcement of new Tejas trains will boost tourism outside the main centers. This, in turn, will have a positive impact on the hotel sector," Cygnett Hotels and Resorts Founder and MD Sarbendra Sarkar said.
 It is heartening to see a budget that focuses on improving standards of living as well as economic development, OYO, India South Asia CEO Rohit Kapoor said. AKT DRR

Govt's focus on providing impetus to travel, tourism sector positive move: Industry

New Delhi, Mar 12 () The coronavirus pandemic could deal a crippling blow to the Indian travel and tourism industry, specially with the government suspending all visas, with the economic impact being assessed to run into thousands of crores of rupees. According to industry chamber CII, this is the one of the worst crises ever to hit the Indian tourism industry impacting all its geographical segments - inbound, outbound and domestic, almost all tourism verticals - leisure , adventure, heritage, MICE, cruise, corporate and niche segments. The whole tourism value chain across hotels, travel agents, tour operations, destinations, restaurants, family entertainment venues and air, land and sea transportation have been hit. In an impact assessment of the coronavirus pandemic, CII Tourism Committee said inbound foreign tourism of over USD 28 billion in value terms accounts for an average 60-65 per cent between October to March. "As the news of the virus started picking up from November, the percentage of cancellations started going up in this segment exponentially and is reaching a peak of almost 80 per cent now in March in many Indian locations. The value at risk from this segment will be in multiples of tens of thousands of crores," the CII assessment report said. With India cancelling all visas, the chamber said the impact "will be worse". It further said,"The forward bookings for the inbound season of October 2020-March 2021 which should have started picking are all muted. These are showing highly discouraging signs with cancellations of important global travel marts which are marketplaces for contracting for the next season." It further said there are reports of large scale forward cancellations from NRI segment from developed markets, which account for over 60 per cent during April to September inbound visits. "Unless the progression of the virus stops, almost the entire value for the remainder of 2020 season is at risk," the report added. ANAROCK Property Consultants Chairman Anuj Puri said India's hospitality sector will definitely be impacted by the announcement of a global pandemic, and the mounting numbers of confirmed coronavirus cases in the country. "The cancellation of visas for foreigners as well as the strong advice issued to Indians to refrain from unnecessary travel will have a marked effect. This is the most unsettling healthcare crisis in recent times and hotel bookings will go south," he added. On Indians being advised to refrain from unnecessary travel, as per the CII report almost 28 million plus Indians are estimated to have travelled outside in 2019 and there were almost 1.8 billion domestic tourist footfalls. The holiday season of Indians -- those travelling within the country and outside -- is heavy in April-July, October and December. "The December holiday season of 2019 took an estimated hit of almost 40-50 per cent, the holiday season of April to July 2020 is likely to take a humongous hit which could be as high as 80-100 per cent, unless there is positive news of the progression of virus decreasing," the CII assessment report said. There are advanced cancellations and highly reduced forward booking pipelines for the holiday season. Only corporates are flying and that too only on highly essential same day travel. Most of the MNCs are advising work from home, stifling travel, it added. On suspension of visas, MakeMyTrip Group CEO Rajesh Magow told ,"The period between February till the end of March is typically a lean period because of exam season but we are seeing a demand slowdown for the upcoming summer holiday season especially for international travel. The situation remains dynamic making it hard to quantify the actual impact on our business and industry at large." He further said,"The decision by the government will have an impact on inbound and outbound international travel. So far there are no restrictions or advisories issued for domestic travel." VFS Global Regional Group COO - South Asia, Middle East and North Africa, Americas Vinay Malhotra said,"While it is too early to comment on the impact of coronavirus on visa application trends, so far, our visa application processes in India continue on schedule as per the mandates of our client governments." He also said the company is exploring steps to assuage concerns of people about visiting busy public areas due to the nature of the virus by considering discounted rates on courier return services for visa customers who want to avoid returning to the visa centres to pick up their passports. Besides, he said,"We are also contemplating lower fees for our Visa at your doorstep service, for those customers who are requesting an alternative to visiting the centres to submit visa applications." AKT RKL RKL ANUANU

You Searched For "Rajesh Magow" and got 8 results

MakeMyTrip's founder Deep Kalra moves into a chief mentor role

IANS

MakeMyTrip's Deep kalra, Rajesh Magow to draw 'zero salary' due to COVID-19 impact

PTI

MakeMyTrip's Q3 loss narrows to USD 11 mn; Rajesh Magow elevated as Group CEO

PTI

Rajesh Magow From MakeMyTrip Is Excited About The $15 Million Innovation Fund, Will Bring New Talent To The Indian Travel Industry

Sulabh Puri

Budget size almost unchanged from interim, shows govt's commitment to fiscal prudence: Experts

PTI

Priority is to make it easy & safe for customers to change travel plans: MakeMyTrip

PTI

Govt's focus on providing impetus to travel, tourism sector positive move: Industry

PTI

Impact of coronavirus on Indian tourism could run into thousands of crores of rupees

PTI

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