Walmart-owned Flipkart said on Thursday that it will acquire Cleartrip, one of India’s oldest online travel technology companies. Flipkart will acquire 100 per cent of Cleartrip’s shareholding, it said in a statement.
Cleartrip will continue to operate as a separate brand. However, its operations will be acquired by Flipkart. All employees of Cleartrip will be retained.
The value of the deal has not been disclosed.
“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.
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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 capitalising 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.
(With inputs from agencies)
Source: Thanks WIONews.com