The transaction is expected to close in the second half of 2022, subject to closing conditions and regulatory approvals
Wego, one of the MENA region’s leading online travel marketplaces, has announced that it has signed a definitive agreement with the Flipkart Group, India’s homegrown e-commerce ecosystem, to acquire Cleartrip’s Middle East business.
Cleartrip is a pioneer of online travel in India and is renowned for its industry-first initiatives. In 2010, the company expanded into the Middle East region and acquired Riyadh-based Flyin.com in 2018, which played a role in kick-starting online travel in Saudi Arabia.
The transaction includes the sale of Flyin.com and a technology co-operation agreement between Wego and Flipkart
Commenting on the announcement, Wego CEO and co-founder Ross Veitch (pictured left) said: “Cleartrip and Flyin are both product-driven companies with best-in-class OTA technology that have established strong brands and strong positions across the Middle East. We’re excited to welcome Cleartrip Middle East and Flyin into 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 centre stage, and the Wego group playing a very crucial role. This acquisition will significantly increase our scale and capabilities and will strengthen our ability to partner and collaborate across our region. We’re also excited to begin a multi-faceted partnership with Flipkart that will involve us sharing a brand across regions and co-operating on technology.”
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Outlining what the agreement will mean for customers, Flipkart senior vice president and head of Corporate Development, Ravi Iyer said: “The opportunity in travel tech for India is vast, and through Cleartrip, we have been able to provide our customers with a wide range of travel experiences and deeper value.
“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.”
Cleartrip co-founder and head of International Business, Stuart Crighton (pictured right) added: “Our focus is clear, building a world-class online travel business emanating from the Middle East 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.”
For more information, visit www.wego.ae/en