E-commerce major Flipkart will acquire online travel technology company Cleartrip in a distress sale. A statement from Flipkart on Thursday said that it will acquire 100 per cent of Cleartrip's shareholding, as the company further enhances its investments to strengthen its digital commerce offerings for customers.
Under the terms of the agreement, Cleartrip operations will be acquired by Flipkart. Cleartrip will continue to operate as a separate brand, retaining all employees while working closely with Flipkart to further develop technology solutions to make travel simple for customers, it added.
Kalyan Krishnamurthy, CEO, Flipkart Group, said that Cleartrip is synonymous with travel for many customers, and as Flipkart diversifies and looks at new areas of growth, this investment will help strengthen its wide range of offerings for customers.
"We welcome the Cleartrip team with their deep industry knowledge and technology capabilities to the Flipkart Group and look forward to providing deeper value and travel experiences for customers together," he said.
Stuart Crighton, CEO and co-founder of Cleartrip said that Cleartrip 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. 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," Crighton said.
The deal closing will be subject to applicable regulatory approvals.