Walmart-owned Flipkart
on Thursday said it will acquire Cleartrip, an online travel technology company.
Flipkart will acquire
100 per cent of Cleartrip's shareholding as the company further enhances its
investments to strengthen its digital commerce offerings for customers, a
statement said.
Under the terms of the
agreement, Cleartrip operations will be acquired by Flipkart and Cleartrip will
continue to operate as a separate brand, it added.
All employees of Cleartrip
will be retained and work closely with Flipkart to further develop technology
solutions to make travel simple for customers.
The company, however, did
not disclose the value of the deal.
"The Flipkart Group is
committed to transforming customer experiences through digital commerce.
Cleartrip is synonymous with travel for many customers, and as we diversify and
look at new areas of growth, this investment will help strengthen our wide
range of offerings for customers," Flipkart Group CEO Kalyan Krishnamurthy
said.
He added that the Cleartrip team, with its deep industry knowledge and technology capabilities, will help Flipkart Group provide deeper value and travel experiences for customers.
Stuart Crighton, CEO and
co-founder of Cleartrip, said the company has been a pioneer in capitalising on
technology to simplify the travel experience for our customers.
"This product-driven
focus has enabled us to become the preferred travel partner of choice for
consumers in a wide range of markets in the region," he added.
The deal closing will be
subject to applicable regulatory approvals.