ETtechMumbai: has acquired a "significant minority stake" in Flipkart-owned Cleartrip, giving India's biggest airports operator a foothold in the fast-growing online travel space amid its super app plans.
The Adani-Cleartrip deal, whose financial details weren't disclosed, comes at a time when the wider travel and hospitality industry is witnessing a post-pandemic revival of sorts. The transaction is likely to close next month, subject to necessary approvals.
Since the acquisition by Flipkart Group, Cleartrip has seen 10 times growth in flight bookings, Adani Enterprises said in a regulatory filing on Friday. "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 filing stated.
The investment will enhance the strategic partnership between the Adani Group and the Flipkart Group, already in alliance in the data centres, logistics and warehousing sectors.
"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," Flipkart Group CEO Kalyan Krishnamurthy said.
The deal would also bolster Adani's super app plans.
“We have a strongly developing relationship with Flipkart that spans multiple dimensions including data centres, fulfilment centres and now air travel,” said Adani Group Chairman Gautam Adani said. “The Cleartrip platform will become an essential part of the broader super app journey we have embarked upon.”
Also Read: Flipkart appoints Myntra's Ayyappan R as Cleartrip CEO in a big restructuring move
On Friday, Adani Enterprises shares rose 2.19% to Rs 1423.50 apiece on the BSE while the benchmark Sensex ended the day 1.13% lower at 59,306.93 points. The deal was anounced after market hours.
The Adani-Cleartrip deal, whose financial details weren't disclosed, comes at a time when the wider travel and hospitality industry is witnessing a post-pandemic revival of sorts. The transaction is likely to close next month, subject to necessary approvals.
Since the acquisition by Flipkart Group, Cleartrip has seen 10 times growth in flight bookings, Adani Enterprises said in a regulatory filing on Friday. "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 filing stated.
The investment will enhance the strategic partnership between the Adani Group and the Flipkart Group, already in alliance in the data centres, logistics and warehousing sectors.
Delighted to expand our partnership with Flipkart. Data centres, logistics and now travel. Thank you @_Kalyan_K. Ou… https://t.co/FhJ24eAxRR
— Gautam Adani (@gautam_adani) 1635509580000"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," Flipkart Group CEO Kalyan Krishnamurthy said.
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“We have a strongly developing relationship with Flipkart that spans multiple dimensions including data centres, fulfilment centres and now air travel,” said Adani Group Chairman Gautam Adani said. “The Cleartrip platform will become an essential part of the broader super app journey we have embarked upon.”
Also Read: Flipkart appoints Myntra's Ayyappan R as Cleartrip CEO in a big restructuring move
On Friday, Adani Enterprises shares rose 2.19% to Rs 1423.50 apiece on the BSE while the benchmark Sensex ended the day 1.13% lower at 59,306.93 points. The deal was anounced after market hours.
