The Adani Group on Friday announced that it was investing in online travel aggregator Cleartrip, presently part of the Flipkart Group. Adani Enterprises will acquire a significant minority stake in Cleartrip, which will become its OTA partner.
"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," said Gautam Adani, Chairman of the Adani Group
The deal is expected to close in November.
Flipkart acquired a 100 per cent stake in Cleartrip in April. Coincidentally, that month the Adani Group became only the third Indian conglomerate to cross $100 billion in market capitalisation.
While the bulk of the group’s revenue has come from the Adani Green energy company, it holds a diverse array of businesses including in port management, mining, airport operations, natural gas, food processing, and recently, a possible foray into news media with the hiring of journalist Sanjay Pugalia, who had stepped down as president of Quint Digital Media Ltd.
Now, Cleartrip has become the group's first digital venture.
As India continues its recovery from the second wave of COVID-19 and the resultant lockdowns, the travel industry has been limping back to business, with “revenge travel” seeing many Indians leave home during the festive months.
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."
