Flipkart to acquire 100% shareholding of Cleartrip
Walmart-owned Flipkart on Thursday said it will 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 further develop technology solutions 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, and 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, with its deep industry knowledge and technology capabilities, will help Flipkart Group provide deeper value and travel experiences for customers. Stuart Crighton, CEO, and co-founder of Cleartrip said the company 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," he added.
The deal closing will be subject to applicable regulatory approvals.
