MENA-based online travel marketplace Wego announced Monday that it had signed an agreement to acquire Cleartrip’s Middle East business from Indian e-commerce giant Flipkart.
The sale also includes Flyin.com and a technology co-operation agreement between Wego and Flipkart, according to a statement.
“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 centre stage and with the Wego group playing a very crucial role,” Ross Veitch, CEO and co-founder of Wego said.
Wego – Flipkart partnership
The boards of directors for both Wego and Flipkart have approved the transaction, with an expected close in the second half of 2022.
“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,” Veitch added.
“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 said.
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.”
Rothschild and Co. acted as advisors to Flipkart for the transaction.
Wego operates an online travel marketplace in the Middle East and North Africa region. Founded in 2005, the firm is dual headquartered in Dubai and Singapore and is backed by investors including Tiger Global Management, Crescent Point, Square Peg Capital, Middle East Venture Partners, and the MBC Group.
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