Cleartrip is just the first pandemic casualty among India’s online travel agencies ...Middle East

Quartz - Economy
Cleartrip is just the first pandemic casualty among India’s online travel agencies
source : Quartz ( Middle East ) () 26
A 14-year-old online travel company in India has fallen victim to the Covid-19-triggered economic slump—and it might be the first of several.On April 15, e-commerce giant Flipkart said it will acquire Cleartrip, a Mumbai based-based flight and hotel booking portal, for an undisclosed amount. Some media reports have pegged the deal at around $40 million (Rs299 crore). In 2019, Cleartrip had posted a revenue of $100 million and registered gross bookings to the tune of $1.5 billion.“This is a distress sale but not so surprising as most travel firms have faced unprecedented stress due to Covid 19,” said Anindya Ghose, Heinz Riehl Chair professor of business at New York University’s Stern School.

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