On Friday, business conglomerate Adani Group announced it will acquire a significant minority stake in Cleartrip, an online travel aggregator and part of the Flipkart Group. With this investment, the Adani Group and the Flipkart Group will benefit from synergies that will give superior travel experiences to customers as the travel business in India sees a resurgence. Since the takeover by the Flipkart Group, Cleartrip has seen a ten times increase in flight bookings, Adani stated.
The deal is assumed to complete in November 2021, subjected to customary closing requirements.
Also, trends followed by Adani airports show that the number of passengers at airports has improved, moving close to pre-covid highs. This partnership will further allow Cleartrip to transcend digital barriers and bring end-to-end travel services online, it said.
The financing will further improve the strategic partnership between the Adani Group and the Flipkart Group, as both companies work towards serving Indian customers with a wide scale of digital offerings. As a part of the investment, Cleartrip will also help as the Adani Group’s OTA partner, it added.
Cleartrip’s scalable technology stack, user-friendly interface, and industry-first actions have made it one of India’s most loved travel brands. This, along with a skilled leadership team and Flipkart’s deep consumer-focused experience, has supported the company stabilize its prominent place in the OTA space over the past few months. The company shared by partnering with the Adani Group in areas such as travel-related products, loyalty programs, and other value-added services.
“We have a strongly developing relationship with Flipkart that spans multiple dimensions including data centres, fulfilment centres and now air travel,” said Gautam Adani, Chairman of the Adani Group.
“It is such strategic partnerships among homegrown companies which will eventually create local jobs as well as an Atmanirbhar Bharat. The Cleartrip platform will become an essential part of the broader SuperApp journey we have embarked upon.”
Speaking on the development, Kalyan Krishnamurthy, chief executive officer, Flipkart Group, said, “At the Flipkart Group, we are focused on delivering experiences for consumers and providing opportunities to help them fulfil their aspirations.”
“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.”