Business
Flipkart To Sell Cleartrip's Middle-East Business To Online Travel Marketplace Wego: Report
Flipkart
Indian e-commerce major Flipkart is set to sell Cleartrip’s middle-eastern business to Wego.
Wego, backed by Tiger Global, is an online travel marketplace that claims to be the e-travel marketplace in the Middle East and North Africa regions.
The deal between Flipkart and Wego also includes the sale of Flyin.com, a Saudi Arabia-based online travel firm that was bought by Cleartrip in 2018.
Following the deal, India will be the only market that Cleartrip will function in.
Further, the deal also comprises a technology cooperation agreement between Flipkart and Wego.
The board of directors of the two companies has given their approval for the transaction and the deal will reportedly close towards the second half of the ongoing calendar year.
Flipkart had taken over Cleartrip, which was founded in 2006, in a distress sale in April 2021.
“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,” Flipkart’s senior executive Ravi Iyer was quoted in a report by the Economic Times.
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