Adani Group Forays Into Digital Space, To Buy 'Significant' Minority Stake In Cleartrip
Adani Enterprises announced today that it has acquired a 'significant' minority stake in Cleartrip Private Limited - an online travel aggregator (OTA) which is part of the Flipkart Group. As a part of the investment, Cleartrip will serve as Adani Group's OTA partner.
This happens to be Adani Group's first investment in the digital space. At a time when the country witnesses a resurgence in air travel, resulting in an increase of flight bookings, the investment is said to 'deepen' the strategic partnership between the leading e-commerce platform and the Adani Group.
The Adani Group operates seven airports in the country, holding immense exposure in the airport infrastructure sector. Moreover, since the acquisition by the Flipkart Group, Cleartrip has witnessed a 10 times growth in flight bookings.
The companies are likely to benefit from synergies in the travel and tourism space and believe that the partnership will further boost digital reach and accessibility.
"....we have a strongly developing relationship with Flipkart that spans multiple dimensions including data centres, fulfilment centres and now air travel. The firms believe this alliance will create local jobs, reiterate the idea of Atmanirbhar Bharat and give a platform for a broader 'SuperApp' journey,'' said Mr Gautam Adani, Chairman, Adani Group.
Earlier this year, Flipkart announced a 100 per cent acquisition of Cleartrip's shareholding as it sought to raise investments to strengthen its digital commerce offerings for customers.
By collaborating with the Adani Group in areas such as travel-related products, loyalty programs and other value-added services, Flipkart-owned Cleartrip aims to provide a seamless travel experience to customers and accelerate its growth.
"....we strive to strengthen our relationship with the Adani Group and will explore ways in which we can expand our offerings for consumers,'' noted Mr Kalyan Krishnamurthy, Chief Executive Officer (CEO). Flipkart.
The deal is expected to close in November 2021, subject to customary closing conditions. On Friday, October 29, shares of Adani Enterprises settled 2.19 per cent higher at Rs 1,423.50 apiece on the BSE.
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