Adani Group to invest in Cleartrip, deepens strategic partnership with Flipkart
Ahmedabad, October 29, 2021
The Adani Group, the Ahmedabad-based diversified conglomerate, today said that it is investing in Cleartrip Private Limited, an online travel aggregator (OTA) and part of e-commerce major Flipkart Group.
As part of this investment, the Adani Group will acquire a "significant minority stake" in Cleartrip, a press release from the group said.
"Through this investment, the Adani Group and the Flipkart Group will benefit from synergies that will deliver superior travel experiences to consumers as the travel industry in India sees a resurgence. Since the acquisition by the Flipkart Group, Cleartrip has seen 10x growth in flight bookings. Also, trends observed by Adani airports indicate that the number of passengers at airports has increased, reaching close to pre-Covid highs. This partnership will further enable Cleartrip to transcend digital boundaries and bring end-to-end travel services online," it said.
"The investment will further enhance the strategic partnership between the Adani Group and the Flipkart Group, as both parties work towards serving Indian consumers with a wide gamut of digital offerings. As a part of the investment, Cleartrip will also serve as the Adani Group’s OTA partner," the release said.
"Cleartrip’s scalable technology stack, user-friendly interface and industry-first initiatives have made it one of the most loved travel brands in India. This, along with an experienced leadership team and Flipkart’s deep consumer-focused experience, has helped the company stabilize its prominent position in the OTA space over the last few months. By collaborating with the Adani Group in areas such as travel-related products, loyalty programs and other value-added services, Cleartrip aims to provide consumers with a seamless travel experience and further accelerate its growth," it said.
“We have a strongly developing relationship with Flipkart that spans multiple dimensions including data centres, fulfilment centers 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.”
The deal is expected to close in November 2021, subject to customary closing conditions, the release added.