Wego, Flipkart to acquire Cleartrip’s business in West Asia
Wego, the online travel marketplace in West Asia and North Africa, on Monday said it has entered into a definitive agreement with Flipkart to acquire Cleartrip’s business in West Asia.
The transaction also includes the sale of Flyin.com and a technology co-operation agreement between Wego and the homegrown e-commerce player.
The board of directors 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, a statement from the company said.
Last year, Flipkart, which is owned by Walmart, had announced the acquisition of the travel portal Cleartrip to expand its overall offerings.
Cleartrip expanded organically into the West Asian region in 2010 and acquired Riyadh-based Flyin.com in 2018, which played a similar role in improving the online travel business in Saudi Arabia.
Wego and Cleartrip both have their regional headquarters in Dubai Internet City.
“Cleartrip and Flyin are both product-driven companies with best-in-class OTA technology that have established strong brands and strong positions across West Asia,” said Ross Veitch, CEO & co-founder of Wego.
Ravi Iyer, senior vice-president and head — corporate development, Flipkart, pointed out that given its strategic priorities and focus on the Indian market, the acquisition of Cleartrip’s West Asia business by Wego provides continuity to its business.
“We believe that they are the right partners to boost its next phase of growth,’’ he added.
Rothschild and Company were exclusive advisers to Flipkart on this transaction.
“Our focus is clear, building a world-class online travel business emanating from West Asia but with global ambitions. The region is well placed to be the engine of growth for travel both as a destination and as a highly-mobile, digital-savvy demographic looking for choice and value. By joining forces with Wego, we are able to offer everything from search to service and to contribute meaningfully to that story,’’ Stuart Crighton, co-founder and head of Cleartrip’s International Business, said.