Flipkart sells Cleartrip's Middle East business to travel marketplace Wego
Feb 21, 2022, 12:50 IST
Online travel marketplace Wego on Monday said it is acquiring Cleartrip's Middle East business from Flipkart Group for an undisclosed sum.
The transaction also includes the sale of Flyin.com and a technology co-operation agreement between Wego and Flipkart.
Cleartrip expanded into the Middle East region in 2010 and acquired Riyadh based Flyin.com in 2018, which played a similar role in kick-starting online travel in Saudi Arabia.
Wego and Cleartrip both have their regional headquarters located in Dubai.
"This acquisition will significantly increase our scale and capabilities and will strengthen our ability to partner and collaborate across our region," said Ross Veitch, CEO and Co-Founder of Wego.
The acquisition is expected to close in the second half this year.
"Given our strategic priorities and focus on the Indian market, the acquisition of Cleartrip's Middle East business by Wego provides continuity to its business, and we believe that they are the right partners to boost its next phase of growth," said Ravi Iyer, Senior Vice President and Head-Corporate Development, Flipkart.
Founded in 2005, Wego operates the largest online travel marketplace in the Middle East and North Africa (MENA) region.
"Our focus is clear, building a world-class online travel business emanating from the Middle East but with global ambitions," said Stuart Crighton, Co-Founder and Head of Cleartrip's International Business.
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The transaction also includes the sale of Flyin.com and a technology co-operation agreement between Wego and Flipkart.
Cleartrip expanded into the Middle East region in 2010 and acquired Riyadh based Flyin.com in 2018, which played a similar role in kick-starting online travel in Saudi Arabia.
Wego and Cleartrip both have their regional headquarters located in Dubai.
"This acquisition will significantly increase our scale and capabilities and will strengthen our ability to partner and collaborate across our region," said Ross Veitch, CEO and Co-Founder of Wego.
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"Given our strategic priorities and focus on the Indian market, the acquisition of Cleartrip's Middle East business by Wego provides continuity to its business, and we believe that they are the right partners to boost its next phase of growth," said Ravi Iyer, Senior Vice President and Head-Corporate Development, Flipkart.
Founded in 2005, Wego operates the largest online travel marketplace in the Middle East and North Africa (MENA) region.
"Our focus is clear, building a world-class online travel business emanating from the Middle East but with global ambitions," said Stuart Crighton, Co-Founder and Head of Cleartrip's International Business.
SEE ALSO: Sell-off continues in Indian markets as foreign investors continue to take money out for five straight months
Data, a key moat of Paytm ecosystem, is getting democratised and it's not a good thing for the company