Latest News | Adani Group Picks Up Minority Stake in Cleartrip

New Delhi, Oct 29 (PTI) Billionaire Gautam Adani's ports-to-airports conglomerate on Friday announced the investment of an undisclosed amount in Cleartrip Pvt Ltd for a minority stake with a view to providing consumers seamless travel experience through a wide range of products and service offerings.

In a statement, the Adani Group said "it is investing in Cleartrip Private Limited, an online travel aggregator (OTA) and part of the Flipkart Group, India's homegrown consumer internet ecosystem."

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"As part of this investment, the Adani Group will acquire a significant minority stake in Cleartrip," it said, without giving details.

Through this investment, the Adani Group and the Flipkart Group will benefit from synergies that will deliver superior travel experiences to consumers as the travel industry in India sees a resurgence.

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"Since the acquisition by the Flipkart Group, Cleartrip has seen 10x growth in flight bookings. Also, trends observed by Adani airports indicate that the number of passengers at airports has increased, reaching close to pre-Covid highs.

"This partnership will further enable Cleartrip to transcend digital boundaries and bring end-to-end travel services online," it said.

As a part of the investment, Cleartrip will also serve as the Adani Group's OTA partner.

By collaborating with the Adani Group in areas such as travel-related products, loyalty programs and other value-added services, Cleartrip aims to provide consumers with a seamless travel experience and further accelerate its growth.

"We have a strongly developing relationship with Flipkart that spans multiple dimensions including data centres, fulfilment centers and now air travel," said Gautam Adani, chairman of the Adani Group.

"It is such strategic partnerships among homegrown companies which will eventually create local jobs as well as an Atmanirbhar Bharat. The Cleartrip platform will become an essential part of the broader SuperApp journey we have embarked upon," he added.

Kalyan Krishnamurthy, Chief Executive Officer, Flipkart Group, said, "At the Flipkart Group, we are focused on delivering experiences for consumers and providing opportunities to help them fulfil their aspirations. As travel picks up over the next few months, Cleartrip will continue to focus on providing easy and flexible travel experiences for its customers."

"We strive to strengthen our relationship with the Adani Group and will explore ways in which we can expand our offerings for consumers, leveraging their robust travel infrastructure in the country," he added.

The deal is expected to close in November 2021, subject to customary closing conditions.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)