India: Flipkart to buy travel and hotel booking platform Cleartrip

REUTERS/Abhishek N. Chinnappa

Flipkart Group is close to buying travel and hotel booking platform Cleartrip in a distress sale, three people aware of the matter said, as the Walmart-owned e-commerce giant strengthens its operations in the hospitality segment.

The cash-and-stock deal valuing Cleartrip at almost $40 million may close in the next 10 days, said two of the three people cited above, all of whom spoke on condition of anonymity. The deal comes at a time the hospitality industry continues to reel from the onslaught of the coronavirus pandemic.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter