The Boards of directors of Wego and Flipkart have approved the transaction, which is expected to close in the second half of 2022, the statement said. As part of the transaction, Flyin.com, a Saudi-based travel company Cleartrip acquired in 2018, will be sold to Wego. The deal also involves a technology-sharing agreement between Flipkart and Wego. After the deal, Flipkart’s Cleartrip will be operating only in the Indian market.
Wego and Cleartrip both have their regional headquarters located in Dubai Internet City.
Wego claims to be the largest online travel marketplace in the Middle East and North Africa regions and is backed by Tiger Global Management, Crescent Point, Square Peg Capital, Middle East Venture Partners and the MBC Group. Wego is dual-headquartered in Dubai and Singapore. Cleartrip had organically expanded into the middle-east region in 2010.
“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 cofounder of Wego.
“We are excited to welcome Cleartrip Middle East and Flyin into the Wego group,” he added.
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“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.”
Founded in 2006 by Hrush Bhatt, Matthew Spacie and Stuart Crighton, Cleartrip was acquired by Flipkart in April 2021 as a part of distress sale. The coronavirus outbreak had severely impacted the travel and hospitality industry. The company laid off 400-500 employees in the thick of the pandemic in 2020, when the travel industry was completely shut.
In October 2021, Ayyappan R, who had been the chief business officer at Flipkart-owned fashion ecommerce platform Myntra,
was elevated to a new position as CEO of Cleartrip. Stuart Crighton, who cofounded the company, moved to a new role to lead Cleartrip’s international business.
