Wego, on Monday, announced that it has signed a definitive agreement with the Flipkart Group, to acquire Cleartrip’s Middle East business. The sale of Flyin.com and a technology collaboration agreement between Wego and Flipkart are also part of this deal.
“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. We are excited to welcome Cleartrip Middle East and Flyin into the Wego group. ”Ross Veitch, CEO & Co-Founder of Wego
Ross further says, ‘The Middle East is set to be one of the most exciting growth stories of the next decade with the travel & technology sectors taking center stage and with the Wego group playing a very crucial role. This acquisition will significantly increase our scale and capabilities and will strengthen our ability to partner and collaborate across our region. We are also excited to begin a multi-faceted partnership with Flipkart that will involve us sharing a brand across regions and co-operating on technology.’
In 2010, Cleartrip organically expanded into the Middle East market, and in 2018, it bought Riyadh-based Flyin.com, which had a similar role in launching online travel in Saudi Arabia. In Dubai Internet City, both Wego and Cleartrip have regional headquarters. Currently, Cleartrip is a forerunner in online travel in India, and it is popular among people for its user-friendly design.
“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. 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.”Ravi Iyer, Senior Vice President and Head – Corporate Development, Flipkart
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. The region is well placed to be the engine of growth for travel both as a destination and as a highly-mobile, digital-savvy demographic looking for choice and value. By joining forces with Wego, we are able to offer everything from search to service and to contribute meaningfully to that story.”
Wego is the Middle East and North Africa’s (MENA) region’s largest online travel marketplace. It is expected that the companies will close the deal in the second half of 2022.