Flipkart sights Cleartrip acquisition
E-commerce business owner Flipkart is in discussions to acquire a controlling stake in a global online travel company, Cleartrip.
Flipkart’s move is in line with its strategy to diversify into every business segment. Cleartrip’s financial performance has been on a down low due to travel imposed post the outbreak of COVID-19.
“This is in line with Flipkart’s strategy to diversify and expand into product lines and categories via acquisitions and drive more GMV (gross merchandise value). If it is sealed, this deal can be seen as an opportunistic acquisition in the Covid-19 era,” a person aware of the development told Moneycontrol.
Flipkart first entered the online travel market with Makemytrip in April 2018.