Wego, the Singapore-based leading online travel marketplace in the Middle East and North America (MENA) region, has signed a definitive agreement with the Flipkart Group, India’s homegrown e-commerce ecosystem, to acquire Cleartrip’s Middle East business.
This transaction also includes the sale of Flyin.com and a technology cooperation agreement between Wego and Flipkart. The Boards of Directors of both companies have approved the transaction, which is expected to close in the second half of 2022, subject to customary closing conditions and regulatory approvals.
“We are excited to welcome Cleartrip Middle East and Flyin into the Wego group. 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.”
Cleartrip is a pioneer in online travel in India, and its user-friendly design and industry-first initiatives have made it popular and well-liked by customers. In 2010, it organically expanded into the Middle East market, and in 2018, it bought Saudi Arabia-based Flyin.com. Wego and Cleartrip both have their regional headquarters located in Dubai Internet City.
“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,” said Mr. Ravi Iyer, Senior Vice President and Head – Corporate Development, Flipkart.