Middle east business to Wego
Walmart’s Flipkart is set to sell Cleartrip’s Middle East business to Tiger Global-backed Wego, according to multiple media reports. Weigo is an online travel marketplace that operates in the Middle East and North Africa.
The deal includes the sale of Flyin, a Saudi Arabia-based online travel aggregator that Cleartrip bought in 2018, including a technology co-operation agreement between Wego and Flipkart. This means India is the only market where Cleartrip will only operate in.
Deal to be closed this year
The boards of directors of Wego and Flipkart have approved the transaction, which is expected to close in the second half of 2022, subject to customary closing conditions and regulatory approvals. Flipkart acquired Cleartrip in April last year in a distress sale. The company is fighting a close battle with US e-tail giant Amazon for one-upmanship in India’s booming e-commerce market.
