Industry

Flipkart to acquire online travel firm Cleartrip

All employees of Cleartrip will be retained and work closely with Flipkart. File  

Walmart-supported e-commerce player Flipkart on April 15 made a proposal to acquire Cleartrip, an online travel technology firm.

Flipkart would acquire 100% of Cleartrip’s shareholding, in a move to further strengthen its digital commerce offerings for customers, the company said in a release.

The e-tailer did not provide any financial details of the acquisition. Cleartrip's revenue was in the $50 to $60 million range in 2019 and the deal size could be in the multiples of 2 or 2.5, as per sources in e-com space.

Post acquisition, Cleartrip would continue to operate as a separate brand and would also retain all its employees, the company said.

Kalyan Krishnamurthy, CEO, Flipkart Group, said, “The group is committed to transforming customer experiences through digital commerce. Cleartrip is synonymous with travel for many customers, and as we diversify and look at new areas of growth, this investment will help strengthen our wide range of offerings for customers.''

“Cleartrip has been a pioneer in capitalising on technology to simplify the travel experience for our customers. This product-driven focus has enabled us to become the preferred travel partner of choice for consumers in a wide range of markets in the region," said Stuart Crighton, CEO and co-founder of Cleartrip.

The deal closing would be subject to applicable regulatory approvals.

Cleartrip was set up in 2006 as an online travel booking company, with offices in Mumbai and Dubai, by Stuart Crighton and co-founders Matthew Spacie and Hrush Bhatt.

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Printable version | May 18, 2021 8:56:03 PM | https://www.thehindu.com/business/Industry/flipkart-to-acquire-cleartrip/article34325942.ece

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