Posted by Bangalore: Online travel marketplace Wego has signed a definitive agreement with the Flipkart Group to acquire Cleartrip’s Middle East business. Online travel marketplace Wego operates in the MENA region and the acquisition of Flipkart’s Middle East business will strengthen its position in the region.
This transaction also includes the sale of Flyin.com and a technology cooperation agreement between Wego and Flipkart.
The Boards 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.
Cleartrip is a pioneer of online travel in India and expanded organically into the Middle East region in 2010 and even had acquired Riyadh based Flyin.com in 2018. Wego and Cleartrip both have their regional headquarters located in Dubai Internet City.
“This acquisition will significantly increase our scale and capabilities and will strengthen our ability to partner and collaborate across our region. We are also excited to begin a multi-faceted partnership with Flipkart that will involve us sharing a brand across regions and co-operating on technology,” said Ross Veitch, CEO and Co-Founder of Wego.
“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, SVP – Corporate Development, Flipkart.
“Our focus is clear, building a world-class online travel business emanating from the Middle East but with global ambitions. Byoining forces with Wego, we are able to offer everything from search to service and to contribute meaningfully to that story,” said Stuart Crighton, Co-Founder and Head of Cleartrip’s International Business.
Rothschild and Co. were exclusive advisors to Flipkart on this transaction. However, the online travel marketplace has not disclosed the financial details of this acquisition.