April 15, 2021 11:00 PM
Flipkart buys 100% stake in Cleartrip, Wal-Mart-owned e-commerce giant Flipkart announced on Thursday (April 4) that it will acquire the online travel and ticket booking platform ClearTrip. The E-Commerce company said it would buy a 100 per cent stake in Clear Trip. Under the agreement, all cleartrip operations will continue under the auspices of Flipkart.
Also, it continues to be a unique brand. Flipkart will pay a total of $ 40 million in cash and equity to Clear Trip. Founded in 2006, ClearTrip offers the ability to book airline, train and hotel tickets from its mobile app and website. Companies such as Integrated Travel and Expansion Management Solutions, DAG Ventures, and Gand Investment Provider Conquer Technologies are currently investing in ClearTrip.
Flipkart buys 100% stake in Cleartrip, Clear Outrip last raised funds in 2016. Its current market value is $ 300 million. Clear Trip did not reap the benefits of the cancellation of flights with Corona. However, with Flipkart now deciding to invest in ClearTrip, the company hopes to grow further in the future.
Walmart-backed e-comm giant Flipkart has acquired 100 per cent stake in Cleartrip, which is one of the oldest online travel technology companies in India. The acquisition of Cleartrip will strengthen Flipkart’s digital commerce offerings for customers. As per the deal, all Cleartrip operations will be acquired by Flipkart.
But, Cleartrip 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”.
As per Flipkart CEO Kalyan Krishnamurthy, the deal will help Flipkart transform 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,”.