Flipkart acquires 100% stake in Cleartrip
April 16, 2021
Flipkart has officially declared its arrangement to obtain a 100% stake in Cleartrip, one of the most established travel booking portals in India, as the online retailer hopes to strengthen its overall offerings
The Walmart-owned e-commerce firm said it will acquire the operations of Cleartrip and hold all workers. Cleartrip will keep on working as a different brand and will work intimately with Flipkart to additionally create technology solutions.
The deal is subject to regulatory approvals, the organization said. While the details of the procurement were not unveiled, the deal is required to be a blend of cash and equity, likely valuing the online travel agent at around $40 million in what is viewed as a trouble deal, ET revealed recently.
“As we broaden and take a look at new areas of growth, this venture will help reinforce our wide scope of contributions for clients,” said Flipkart Group’s Chief Executive Officer Kalyan Krishnamurthy “We invite the Cleartrip group with their profound industry information and technology capabilities to the Flipkart Group and look forward to providing deeper value and travel experiences for clients together.”