Adani Group to invest in Cleartrip, acquire minority stake

Adani Group announced on Friday that it is investing in online travel aggregator Cleartrip Private Limited which is part of Walmart-owned Flipkart. As part of this investment, the Adani Group will acquire a significant minority stake in Cleartrip, thereby deepening its strategic partnership with Flipkart.

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

"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," noted Adani Group in an official statement.

Cleartrip has witnessed 10x growth in flight bookings since its acquisition by Flipkart in April 2021. Trends observed by Adani Group indicate that the number of passengers has increased, reaching close to pre-COVID-19 highs.

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

Adani Group and Flipkart will also work towards serving Indian consumers with a wide gamut of digital offerings. As a part of the investment, Cleartrip will also serve as Adani Group's online travel aggregator partner.

"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.

Speaking on the development, Kalyan Krishnamurthy, CEO, Flipkart, said, "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.