Adani Group, one among India’s largest business conglomerates, has acquired what it says is a “significant” minority stake in online travel aggregator ClearTrip, which is owned by Flipkart. Adani group is owned and run by Gautam Adani, among the richets on the planet, and someone who has invested massively in new-age tech in the past few years.
The financial details of the deal were not revealed.
With the deal, which is expected to close next month (subject to customary closing conditions), both the Adani Group and the Flipkart Group will benefit from synergies that will deliver superior travel experiences to their consumers.
At a time when the hospitality and tourism industries are slowly making a comeback after the horrors of 2020, the deal is expected to help the segments in their revival. This deal will also enable ClearTrip, which has clocked a growth of 10 times in flight bookings ever since it was acquired by Flipkart, to transcend digital boundaries and bring end-to-end travel services online. After the deal, ClearTrip will also serve as the OTA (online travel aggregator) partner of the Adani group.
“We have a strongly developing relationship with Flipkart that spans multiple dimensions including data centers, fulfillment centers and now air travel,” said Gautam Adani, Chairman of the Adani Group, adding that the Cleartrip platform “will become an essential part of the broader SuperApp journey we have embarked upon.” The Adani Group said that it had observed that more and more people were availing flights, and the numbers were reaching close to what they had been before the pandemic.
ClearTrip helps users book tickets for flights and trains, as well as make hotel reservations. Its scalable technology stack, user-friendly interface, and industry-first initiatives, along with experienced leaders and Flipkart’s experience, have helped the startup grow and carve a niche in the segment. It aims to provide its users with a seamless travel experience and accelerate its growth in collaboration with the Adani Group in areas such as travel-related products, loyalty programs, and other value-added services.
“As travel picks up over the next few months, Cleartrip will continue to focus on providing easy and flexible travel experiences for its customers. We strive to strengthen our relationship with the Adani Group and will explore ways in which we can expand our offerings for consumers, leveraging their robust travel infrastructure in the country,” said Kalyan Krishnamurthy, CEO, Flipkart Group.