Flipkart would acquire a 100% stake in Cleartrip to further strengthen its digital commerce offerings for customers, the company said in a statement.
The online retailer did not provide any financial details about the acquisition. Cleartrip’s sales were between $50 million and $60 million in 2019, and the size of the business could be multiples of 2 or 2.5, according to e-com sources.
CEO of the Flipkart Group said that the group is committed to transforming the customer experience through digital commerce. For many customers, Cleartrip means traveling. As we diversify and explore new growth areas.
Cleartrip was founded in 2006 by Stuart Crighton and co-founders Matthew Spacie and Hrush Bhatt as an online travel booking company with offices in Mumbai and Dubai.
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