The deal closing will be subject to applicable regulatory approvals.Walmart-owned e-commerce giantFlipkart has announced the acquisition of leading online travel company Cleartrip.The homegrown e-commerce marketplace will acquire 100 per cent of Cleartrip's shareholding as the company looks toraiseinvestments to strengthen its digital commerce offerings for customers.According to a statement released by the company,Cleartrip operations will be acquired by Flipkart as part of the terms of the agreement.The deal closure will be subject to applicable regulatory approvals.
''...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,'' Kalyan Krishnamurthy, CEO, Flipkart Group, said.Cleartrip will continue to operate as a separate brand, retaining all its employees while working closely with the Flipkart group todevelop technology solutions formakingtravel easier for customers.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,'' Stuart Crighton, CEO and Co-founder of Cleartrip, said.Incorporated in 2006, Cleartrip is a global online travel firm and is headquartered in Dubai and Mumbai.
The company functions as a travel aggregator in the online medium and is a website, where customers can book train tickets, flights, make hotel reservations.The acquisition by Flipkart comes as the e-commerce company looks to build its position in the online travel booking sector.
Even though Flipkart is an Indian company, but was acquired by US retail chain Walmart in 2018.
Walmart holds a 77 per cent stake in Flipkart for $16 billion.