Online travel firm Cleartrip to be acquired by Flipkart.
On April 15, Walmart-supported e-commerce player Flipkart made an offer to procure Cleartrip, an online travel technology firm. Walmart company said in a release that in a move to further strengthen its digital commerce offerings for customers, it would procure 100% shares of Cleartrip.
No financial details of the acquisition were provided by it. As per sources in e-com space, in 2019, Cleartrip's revenue was in the $50 to $60 million range and the deal size could be in the multiples of 2 or 2.5. The Company further mentioned that after the procurement, Cleartrip would continue to operate as a separate brand and would also retain all its employees.
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.'' Stuart Crighton, CEO and co-founder of Cleartrip said, “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”.
The deal closing would be subject to appropriate regulatory approvals.