Flipkart to acquire online travel firm Cleartrip
Flipkart said on Thursday it has agreed to acquire online travel and hotel ticketing firm Cleartrip as the Walmart-owned e-commerce firm looks to expand its offerings in the world’s second largest internet market.
The deal values 14-year-old Cleartrip, which raised about $74 million prior to the acquisition, at about $40 million, a person familiar with the matter told TechCrunch. The distress sale comes as Cleartrip, like most other travel firms, faces unprecedented stress amid the global pandemic that has severely slowed down people’s appetite to move around.
Indian news outlet MoneyControl reported about the two companies exploring the deal last month.
Flipkart on Thursday announced that it is acquiring online travel aggregator Cleartrip. The deal comes at a time when the travel and tourism sector is facing challenges due to the coronavirus pandemic.
Flipkart to acquire online travel firm Cleartrip
Updated:
Updated:
April 15, 2021 17:40 IST
Post acquisition, Cleartrip would continue to operate as a separate brand and would also retain all its employees
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All employees of Cleartrip will be retained and work closely with Flipkart. File
Post acquisition, Cleartrip would continue to operate as a separate brand and would also retain all its employees
Walmart-supported e-commerce player Flipkart on April 15 made a proposal to acquire Cleartrip, an online travel technology firm.
Flipkart would acquire 100% of Cleartrip’s shareholding, in a move to further strengthen its digital commerce offerings for customers, the company said in a release.
Flipkart expands travel booking business with Cleartrip acquisition medianama.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from medianama.com Daily Mail and Mail on Sunday newspapers.
E-commerce player Flipkart on Thursday said it will acquire Cleartrip, a leading online travel and technology company. Founded in 2006, Cleartrip offers its customers a comprehensive and personalised travel experience through its innovative mobile and desktop solutions.
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. 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.