Adani Enterprises has acquired a minority stake in online travel aggregator Cleartrip Pvt Ltd from Flipkart Marketplace Pvt Ltd, to boost super app strategy, the company said in a stock exchange announcement.
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 resurgence. The deal size was not disclosed but the statement said that Adani will have ‘board nomination rights and certain investment protection rights and certain obligations’ in the agreement.
The collaboration with the Adani Group in areas such as travel-related products, loyalty programs and other value-added services is expected to help Cleartrip provide consumers with a seamless travel experience and further accelerate its growth, according to the joint statement.
Adani acquired control of the Mumbai International Airport Limited in 2020, and also has the right to develop and operate six domestic and international airports in Jaipur, Lucknow, Mangaluru, Guwahati, Thiruvananthapuram and Ahmedabad.
The investment from Adani comes six months after Walmart-owned Flipkart acquired Cleartrip to diversify its offerings in a distress sale at the height of the coronavirus pandemic in India.
“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.
