Flipkart To Acquire Online Travel Technology Company Cleartrip
Flipkart will acquire 100 per cent of Cleartrip's shareholding, as the company further enhances its investments to strengthen its digital commerce offerings for customers
Bengaluru-based e-commerce marketplace Flipkart, on Thursday, announced the proposed acquisition of Cleartrip, an online travel technology company.
Flipkart will acquire 100 per cent of Cleartrip’s shareholding, as the company further enhances its investments to strengthen its digital commerce offerings for customers.
Started in 2007, Flipkart has enabled millions of consumers, sellers, merchants, and small businesses to be a part of India's e-commerce revolution, with a registered customer base of over 300 million, offering over 150 million products across 80 categories. Their efforts to democratize e-commerce in India, drive access and affordability, delight customers, create lakhs of jobs in the ecosystem, and empower generations of entrepreneurs and MSMEs have inspired us to innovate on many industry firsts. The recent launch of Flipkart Wholesale, a digital marketplace, is a testament to our commitment to accelerate the growth of kiranas and MSMEs in India. Together with Myntra, which holds a prominent position in the online fashion market, and now Flipkart Wholesale, the Flipkart Group will continue to steer the transformation of commerce in India through technology.
“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. We welcome the Cleartrip team with their deep industry knowledge and technology capabilities to the Flipkart Group and look forward to providing deeper value and travel experiences for customers together,” said Kalyan Krishnamurthy, chief executive officer, Flipkart Group.
Under the terms of the agreement, Cleartrip operations will be acquired by Flipkart. 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.
“Cleartrip has been a pioneer in capitalizing 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," added Stuart Crighton, chief executive officer, and co-founder, Cleartrip.
The deal closing will be subject to applicable regulatory approvals.