Deep Kalra, 51, a veteran of Indian travel business industry, describes his management style and his key management advice.
In an email to employees, MakeMyTrip Group Executive Chairman and founder Deep Kalra and Group CEO Rajesh Magow said even as times remain unpredictable, what is evident is that the impact of COVID-19 crisis is going to be long drawn for the company.
"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 percent in their compensation," Kalra and Magow said in a message to company's employees.
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The company has signed an agreement for the acquisition of a minority stake and will pick up around 28 percent stake in HolidayIQ for USD 15 million, MakeMyTrip said in a statement.
Country's largest lender State Bank of India (SBI) said it has chalked out a plan to give thrust to its mobile banking channel and exuded confidence that it will soon emerge as a top player in the segment.
The Board of MakeMyTrip Ltd has approved the formation of an investment committee to deploy the funds as per its discretion in various startups and mid-size companies in travel and tourism sector, or technology/mobile companies powering this sector.
MakeMyTrip, the largest online travel booking company in India which went public a year ago, reported market-beating quarterly results on a 58% jump in hotels and packages revenue.
Indian travel firm MakeMyTrip Ltd expects to see the country's online travel industry consolidate in the near-term, as the fast-growing market becomes one of the world's largest, its chief executive said.