Dubai’s online travel platform Wego acquires Cleartrip’s Middle East business from India’s Flipkart – News

The deal is expected to close in the second half of 2022.


Published: Mon 21 Feb 2022, 11:55

Dubai-based online travel marketplace Wego has acquired Cleartrip’s Middle East business from Indian group Flipkart.

A press release on Monday said the transaction also includes the sale of and a technology cooperation agreement between Wego and Flipkart.

The transaction is expected to close in the second half of 2022, subject to customary closing conditions and regulatory approvals. The companies did not disclose the value of the deal.

Both Wego and Cleartrip have their regional headquarters located in Dubai Internet City. Cleartrip organically expanded into the Middle East region in 2010 and acquired Riyadh-based in 2018, which played a similar role in launching online travel in Saudi Arabia.

“Cleartrip and Flyin are both product-driven companies with best-in-class OTA technology that have established strong brands and strong positions in the Middle East,” said Ross Veitch, CEO and Co-Founder. by Wego.

“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 center stage. This acquisition will significantly increase our scale and capabilities and strengthen our ability to partner and collaborate in our region. ” he said.

“The travel technology opportunities for India are vast, and thanks to Cleartrip, we have been able to offer our customers a wide range of travel experiences and deeper value,” said Ravi Iyer, vice-president. Senior President and Head of Corporate Development, Flipkart.

“Given our strategic priorities and our focus on the Indian market, the acquisition of Cleartrip’s Middle East business by Wego ensures the continuity of its business, and we believe they are the right partners to accelerate its next growth stage. We thank Stuart for his leadership and partnership over the past year as Cleartrip India has become an integral part of the Flipkart Group and wish him and the Wego team continued success.

Stuart Crighton, co-founder and head of international business at Cleartrip, said: “Our goal is clear, to create a world-class online travel company emanating from the Middle East but with global ambitions.”

Rothschild and Co. were exclusive advisors to Flipkart for this transaction.

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