Online travel player Wego to acquire Cleartrip’s Mideast business from Flipkart

0

Online travel marketplace Wego is to acquire Cleartrip’s Middle East business from Flipkart. Wego, which is a leading player in the MENA region, will also acquire Flyin.com as part of this transaction. Flyin.com is a technology cooperation agreement between Wego and Flipkart.

The boards of Wego and Flipkart have approved the transaction, which is expected to close in the second half of 2022, subject to customary closing conditions and regulatory approvals, the press release said.



Ravi Iyer, Senior Vice President and Head of Corporate Development, Flipkart. “Given our strategic priorities and focus on the Indian market, the acquisition of Cleartrip’s Middle East business by Wego ensures the continuity of its business, and we believe they are the right partners to accelerate its next growth phase. We thank Stuart for his leadership and partnership over the past year as Cleartrip India has become an integral part of the Flipkart Group and wish him and the Wego team continued success.

Cleartrip is an online travel player in India and grew organically in the Middle East region in 2010 and acquired Riyadh-based Flyin.com in 2018 which played a similar role in launching of online travel in Saudi Arabia. Both Wego and Cleartrip have their regional headquarters located in Dubai Internet City.

Ross Veitch, CEO and co-founder of Wego, said: “We are delighted to welcome Cleartrip Middle East and Flyin to the Wego group. The Middle East is set to be one of the most exciting growth stories of the next decade, with the travel and technology sectors taking center stage and the Wego Group playing a crucial role. This acquisition will significantly increase our scale and capabilities and strengthen our ability to partner and collaborate in our region. We are also excited to begin a multi-faceted partnership with Flipkart that will involve us sharing a brand across regions and cooperating on technology.

“Our goal is clear, to build a world-class online travel business emanating from the Middle East but with global ambitions. The region is well positioned to drive the growth of travel both as a destination and as a “As a highly mobile, digitally savvy demographic looking for choice and value. By joining forces with Wego, we are able to offer everything from search to service and contribute meaningfully to this story.” , said Stuart Crighton, co-founder and head of international business at Cleartrip.

Rothschild and Co. were exclusive advisors to Flipkart for this transaction.

Dear reader,

Business Standard has always endeavored to provide up-to-date information and commentary on developments that matter to you and that have wider political and economic implications for the country and the world. Your constant encouragement and feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these challenging times stemming from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative opinions and incisive commentary on relevant topical issues.
However, we have a request.

As we battle the economic impact of the pandemic, we need your support even more so that we can continue to bring you more great content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of bringing you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism we are committed to.

Support quality journalism and subscribe to Business Standard.

digital editor

Share.

Comments are closed.