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FLIPKART ACQUIRES TRAVEL TECH COMPANY ‘CLEARTRIP’ IN INDIA

Walmart-owned Flipkart on Thursday said it would acquire Cleartrip, an online travel technology company. Flipkart will acquire 100 percent of Cleartrip’s shareholding as the company further enhances its investments to strengthen its digital commerce offerings for customers, a statement said. Under the terms of the agreement, Cleartrip operations will be acquired by Flipkart, and Cleartrip will continue to operate as a separate brand, it added.

All employees of Cleartrip will be retained and work closely with Flipkart to develop technology solutions further to make travel simple for customers.

The company, however, did not disclose the value of the deal.

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

He added that the Cleartrip team would help Flipkart Group provide deeper value and travel experiences for customers with its deep industry knowledge and technology capabilities.

Stuart Crighton, CEO, and co-founder of Cleartrip, said the company had been a pioneer in capitalizing on technology to simplify our customers’ travel experience.

“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,” he added.

The deal closing will be subject to applicable regulatory approvals.

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