Leading online travel agency Cleartrip has acquired Saudi Arabia based OTA Flyin. The deal is the first major cross-border transaction of its nature by an Indian OTA. The transaction will close once final regulatory and corporate approvals are received. 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
Stuart Crighton, Founder and CEO of Cleartrip 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 represents the culmination of our search for a strategic partner that has outstanding market association in Saudi Arabia and shares our business ethos and principles.”
Aditya Agarwal, Head of M&A and Strategy, Cleartrip said, “Cleartrip's focus on delivering an intuitive product and superlative customer experience has cemented our position as the preferred online platform for travellers across India and Middle East and we have proven that our learnings can successfully be exported to other markets. This transaction marks an important step in Cleartrip's endeavours to offer existing and new customers our world-class user experience across Air, Accommodation & Experiences categories.”
Abdullah Al Romaih, Founder of Flyin, commented: “We are embarking on a new journey to reinforce our leadership position in Saudi Arabia’s online travel market. Bringing over a decade’s international experience and industry-leading technologies and skills, Cleartrip will also help us to offer our customers new and enhanced travel experiences. We look forward to having Cleartrip continue to support the economic growth in the Kingdom, as well as the evolving travel needs of our customers.
The transaction will enable both companies to leverage new technologies, talents and business intelligence to strengthen their travel offerings to cater to a diverse customer base.