Cleartrip was Established in 2006 by Hrush Bhatt, Matthew Spacie and Stuart Crighton, it was positioned as a hotels and air travel booking marketplace. It has been competing with bigger rivals, such as MakeMyTrip and Goibibo, for the past decade
Cleartrip’s investors namely Concur Technologies, DAG Ventures and Gund Investment. Some of its early backers—Kleiner Perkins, Sherpalo Ventures and DFJ—have exited the company. Cleartrip last raised funds in 2016 and has in all picked up about $70 million in investor capital. Sources said it was valued at around $300 million then.
With the pandemic bringing about a change in consumer behaviour and an increase in online adoption, Flipkart has been focusing on enhancing consumer experiences through several investments. The flipkart backed by walmart has been on a massive acquisition lately. And now flipkart is in talk with cleartrip to acquire it for $40 million and thus making strategic allocation in travel industry. Flipkart is investing and it assumes to take down every travel industry in competition. Cleartrip deal is an distress sale due to covid. Cleartrip earns more than 80% of its revenue from airline bookings Several airline companies have once again started demanding financial assistance package from the central government due to second wave of covid.
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