New Delhi: Online travel aggregator Cleartrip on Thursday said it has acquired Saudi Arabia's Flyin for an undisclosed amount to capitalise on the growing shift to online in the Middle East and North Africa (MENA) region.
The combined company will have over 60 per cent market share throughout the Middle East and improved profitability due to better unit economics and larger scale of operations, Cleartrip said in a statement. The company, however, did not give any financial details of the acquisition.
Cleartrip Founder and CEO Stuart Crighton said, "Having established a strong position in India with our world class products, we are pushing ahead with our ambitious expansion plans in the MENA market, and together with Flyin, we have reached a major milestone in our journey."
The transaction, the largest in the travel space in MENA region, will offer Cleartrip a wider outreach and a larger client base in an adjacent market, providing economies of scale as well as enhanced competencies and regional knowledge, the statement said.
"This transaction marks an important step in Cleartrip's endeavours to offer existing and new customers our world-class user experience across air, accommodation and experiences categories," Cleartrip Head of M&A and Strategy Aditya Agarwal said.
Flyin Founder Abdullah Al Romaih said, "We are embarking on a new journey to reinforce our leadership position in Saudi Arabia's online travel market."...