Online travel agency Cleartrip on Thursday said it has acquired Saudi Arabia-based Flyin. It did not disclose size of the deal.
This deal is expected to 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.
"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," said Stuart Crighton, founder and CEO of Cleartrip.
"We will leverage each other’s strengths to enhance product development and customer experience," he added.
According to Cleartrip, the combined company will have over 60 percent market share throughout the Middle East and improved profitability due to better unit economics and larger scale of operations.
"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," said Abdullah Al Romaih, founder of Flyin.
The deal is subject to regulatory approvals. Founded in 2008, Flyin, has an access to over 320,000 hotels and 450 airlines.
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