New Delhi and Mumbai: Billionaires gautam adani Will acquire a “significant minority stake” in the online travel and hotel booking firm cleartrip – which was previously acquired by a Walmart-owned company Flipkart – As he wants to launch a SuperApp, which will offer various consumer services, including services from his group. The latest Cleartrip deal will be done through the tycoon’s listed flagships Adani Enterprises, which will acquire around 20% in the holiday booking site, said an insider.
The deal will also boost their airport management business as travel will improve once Covid-related restrictions are eased and vaccinations increase. Flipkart had bought Cleartrip in April this year for about $40 million in a distress sale.
Adani Enterprises did not disclose the amount to be invested in Cleartrip, but said it would get “board nomination rights and certain investment protection rights”.
The Ahmedabad-based conglomerate’s digital game comes at a time when rival conglomerates – Tata and Reliance Industries (RIL) – are bolstering their e-commerce interests. Tata has soft-launched its SuperApp, incorporating its consumer services and products. While Mukesh Ambani-controlled RIL is buying a controlling stake in local search engine Justdial.
Together adani With the group emerging as India’s largest private sector airport operator (in terms of number of airports and not in terms of passenger volume), the Cleartrip deal will enhance its travel game. After Cleartrip was acquired by Flipkart, Adani said in a statement that the holiday booking site has “seen a 10-fold growth in flight bookings”. Apart from this, it was also observed that there has been an increase in the number of passengers at the airports, approaching the pre-Covid high.
The Cleartrip deal will further strengthen the relationship between Adani Group and Walmart. In April, the group entered into an agreement with Flipkart to build one of India’s largest warehousing hubs and data centers. At the time, group company Adani Logistics said it would build a 5.3 million sq ft fulfillment center in Mumbai and lease it to Flipkart, while Flipkart would build a data center at Adninex in Chennai.
“Flipkart will run Cleartrip, but this move gives Adani Group a foothold in the online travel space, which is poised for a boom,” said a source.
The deal will also boost their airport management business as travel will improve once Covid-related restrictions are eased and vaccinations increase. Flipkart had bought Cleartrip in April this year for about $40 million in a distress sale.
Adani Enterprises did not disclose the amount to be invested in Cleartrip, but said it would get “board nomination rights and certain investment protection rights”.
The Ahmedabad-based conglomerate’s digital game comes at a time when rival conglomerates – Tata and Reliance Industries (RIL) – are bolstering their e-commerce interests. Tata has soft-launched its SuperApp, incorporating its consumer services and products. While Mukesh Ambani-controlled RIL is buying a controlling stake in local search engine Justdial.
Together adani With the group emerging as India’s largest private sector airport operator (in terms of number of airports and not in terms of passenger volume), the Cleartrip deal will enhance its travel game. After Cleartrip was acquired by Flipkart, Adani said in a statement that the holiday booking site has “seen a 10-fold growth in flight bookings”. Apart from this, it was also observed that there has been an increase in the number of passengers at the airports, approaching the pre-Covid high.
The Cleartrip deal will further strengthen the relationship between Adani Group and Walmart. In April, the group entered into an agreement with Flipkart to build one of India’s largest warehousing hubs and data centers. At the time, group company Adani Logistics said it would build a 5.3 million sq ft fulfillment center in Mumbai and lease it to Flipkart, while Flipkart would build a data center at Adninex in Chennai.
“Flipkart will run Cleartrip, but this move gives Adani Group a foothold in the online travel space, which is poised for a boom,” said a source.
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