Flipkart Could Snap Up 15-Year-Old Cleartrip For $40 Mn In Distress Sale
India, April 14 -- Ecommerce major Flipkart is in the final stages of acquiring online travel aggregator Cleartrip, a deal which is likely to value the latter at around $40 Mn.
Adding to the speculation about the acquisition that emerged early last month, fresh reports on the deal claim it would be a distress sale for the 15-year-old Mumbai-based online ticketing agent and hotel booking portal. One of the oldest ticketing platforms in India, Cleartrip is facing a severe downturn amid the Covid-19 induced lull in the travel and hospitality sector, according to an ET report.
Founded in 2006 by Hrush Bhatt, Matthew Spacie and Stuart Crighton, to date, Cleatrip has raised $56.4 Mn in six funding rounds from six investors. The company last r...
Click here to read full article from source
To read the full article or to get the complete feed from this publication, please
Contact Us.