Adani Group to buy stake in travel booking app Cleartrip from Flipkart
The Adani Group said that it is investing in Indian online travel aggregator (OTA) Cleartrip Private Limited, a part of the Flipkart Group.
As part of the undisclosed investment, the Indian conglomerate will acquire a significant minority stake in the travel booking app.
By acquiring the stake, it is expected that the Adani Group and the Flipkart Group will enjoy synergies that can provide superior travel experiences for consumers as the industry of travel in India witnesses a rebound.
Gautam Adani — Chairman of the Adani Group said: “We have a strongly developing relationship with Flipkart that spans multiple dimensions including data centers, fulfillment centers and now air travel.
“It is such strategic partnerships among homegrown companies which will eventually create local jobs as well as an Atmanirbhar Bharat. The Cleartrip platform will become an essential part of the broader SuperApp journey we have embarked upon.”
Adani Group to buy stake in travel booking app Cleartrip from Flipkart. Photo courtesy of Tobias Rehbein from Pixabay.
Following its acquisition by the Flipkart Group, Cleartrip is said to have seen a ten-fold increase in flight bookings.
The Adani Group claimed that trends seen by Adani airports show that the number of travelers at airports has gone up, getting to the pre-covid peak. The partnership will allow Cleartrip to go beyond digital borders and bring complete travel services online, said the Adani Group.
The conglomerate also stated that the investment will further strengthen its strategic partnership with the Flipkart Group, as both strive to provide Indian customers with a broad range of digital services.
As part of the deal, Cleartrip will also become the online travel aggregator partner of Adani Group.
Cleartrip’s flexible technology stack with a user-friendly interface along with industry-first initiatives have made it one of the sought-after online travel agencies in India, said the Adani Group. This, in conjunction with an experienced and seasoned management team and Flipkart’s extensive consumer-focused experience has allowed the travel booking company to sustain its place in the OTA market over the past few months.
Through the collaboration with Adani Group in areas like travel-related products, loyalty programs, and other value-added services, Cleartrip will look to provide users with an effortless travel experience and to further speed up its growth.
Kalyan Krishnamurthy — CEO of Flipkart Group said: “At the Flipkart Group, we are focused on delivering experiences for consumers and providing opportunities to help them fulfill their aspirations.
“As travel picks up over the next few months, Cleartrip will continue to focus on providing easy and flexible travel experiences for its customers. We strive to strengthen our relationship with the Adani Group and will explore ways in which we can expand our offerings for consumers, leveraging their robust travel infrastructure in the country.”
The deal, which is subject to normal closing conditions, is expected to close in November 2021.