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Dubai’s online travel platform Wego buys Cleartrip’s Middle East business from India’s Flipkart

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



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A Staff Reporter

Published: Mon 21 Feb 2022, 11:55 AM

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

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

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

Wego and Cleartrip both have their regional headquarters located in Dubai Internet City. Cleartrip expanded organically into the Middle East region in 2010 and acquired Riyadh based Flyin.com in 2018, which played a similar role in kick-starting 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 across the Middle East,” said Ross Veitch, CEO and co-founder of 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 centre stage. This acquisition will significantly increase our scale and capabilities and will strengthen our ability to partner and collaborate across our region.” he 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,” said Ravi Iyer, Senior Vice President and Head - Corporate Development, Flipkart.

“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. 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 Cleartrip’s International Business, said, “Our focus is clear, building a world-class online travel business emanating from the Middle East but with global ambitions."

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

waheedabbas@khaleejtimes.com


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