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Deepti Sri · · 1 min readReport: Flipkart acquires Indian travel booking firm Cleartrip
“Flipkart has officially announced its plan to acquire a 100% stake in Cleartrip, one of the oldest travel booking portals in India, as the online retailer looks to strengthen its overall offerings,” The Economic Times reported.
Details:
- Flipkart will acquire the operations of the company and retain all employees. Cleartrip will operate as a separate firm.
- The acquisition deal is expected to be a mix of cash and equity and may lift Cleartrip’s valuation to US$40 million.
Context:
- Cleartrip is a hotels and air travel booking marketplace, which competes with rivals including MakeMyTrip, Goibibo, EaseMyTrip, and Ixigo, among others.
- Earlier in April 2018, Flipkart announced a partnership with MakeMyTrip, allowing the travel firm to leverage Flipkart’s customer base to drive online bookings in travel services.
Editing by Collin Furtado and Jaclyn Tiu
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