E-commerce giant Flipkart announced the proposed acquisition of Cleartrip, an online travel technology company. Flipkart will acquire 100% of Cleartrip’s shareholding, as the company further enhances its investments to strengthen its digital commerce offerings for customers.
Under the terms of the agreement, Cleartrip operations will be acquired by Flipkart but it will continue to operate as a separate brand, retaining all employees while working closely with Flipkart to further develop technology solutions to make travel simple for customers.
Kalyan Krishnamurthy, CEO, Flipkart Group, said, “The Flipkart 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. We are delighted to be part of the Flipkart family and are excited about the positive impact this collaboration can have for our customers and the travel industry in general.”
The company said the deal closing will be subject to applicable regulatory approvals.