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Adani acquires 20% minority stake in Cleartrip

Adani to acquire 20% minority stake in Cleartrip
Billionaire businessman Gautam Adani is set to acquire a minority stake of 20% in online travel and hotel booking firm Cleartrip.

Business

Adani acquires 20% minority stake in Cleartrip

Billionaire businessman Gautam Adani is set to acquire a minority stake of 20% in online travel and hotel booking firm Cleartrip, which is part of the Flipkart Group. This deal, which will definitely boost his airport management business, will be routed through Adani Enterprises.




However, Adani Enterprises has not disclosed the amount it will invest in Cleartrip. It said it would get board nomination rights and certain investment protection rights.

“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. Since the acquisition by Flipkart Group, Cleartrip has seen 10x growth in flight bookings,” the Adani Group said in a statement. “Also, trends observed by Adani groups 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.”

The Cleartrip deal will definitely boost Adani Group’s travel play. It will enhance the relationship between Adani Group and Walmart. The conglomerate, in April, inked a pact with Flipkart to build one of India’s largest warehousing hubs and data centers. Adani Group had said it would build a 5.3 lakh aqft fulfillment centre in Mumbai and lease it to Flipkart, while the e-commerce company will build a data centre at Adaniconnex in Chennai.

Furthermore, the Cleartrip will help the Adani Group to roll out a super app as well as its airport management business. “The Cleartrip platform will become an essential part of the broader Super App journey we have embarked upon. We have a strongly developing relationship with Flipkart that spans multiple dimensions including data centres, fulfillment centres and now air travel,” Gautam Adani said in the statement.


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Kalyan Krishnamurthy, Flipkart Group CEO, said they are focused on delivering experiences for consumers and providing opportunities to help them fulfill 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.”

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


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