Adani Group, one of 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. The Adani Group is owned and led by Gautam Adani, one of the richest on the planet, and someone who has invested heavily in new-age technology over the past few years.
Financial details of the deal were not disclosed.
With the deal, which is expected to close next month (subject to customary closing conditions), the Adani Group and the Flipkart Group will benefit from synergies that will deliver superior travel experiences to their consumers.
As the hospitality and tourism industries are slowly making a comeback after the horrors of 2020, the deal is expected to help segments in their revival. The deal will also allow ClearTrip, which has seen a 10-fold growth in flight bookings since its acquisition by Flipkart, to transcend digital boundaries and bring end-to-end travel services online. After the deal, ClearTrip will also serve as the Adani Group’s OTA (Online Travel Aggregator) partner.
âWe have a growing relationship with Flipkart that spans multiple dimensions including data centers, distribution centers and now air travel,â said Gautam Adani, President of the Adani Group, adding that the platform Cleartrip âwill become an essential part of the larger SuperApp. journey that we have undertaken. The Adani group said it had observed more and more people taking flights and the numbers were close to where they were 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 first industry initiatives, along with seasoned leaders and Flipkart 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.
âAs travel picks up over the next few months, Cleartrip will continue to focus on providing easy and flexible travel experiences for our customers. We are working to strengthen our relationship with the Adani Group and will explore ways to expand our offerings for consumers, leveraging their strong in-country travel infrastructure, âsaid Kalyan Krishnamurthy, CEO of Flipkart Group.