Mumbai-based online travel company Cleartrip has bought Flyin, the largest online travel aggregator in Saudi Arabia, marking its first overseas acquisition and strengthening its presence in the Middle East and North Africa (MENA).
Financial terms of the deal have not been disclosed, but Cleartrip described the acquisition as “the largest in the travel space in MENA” and “together, the combined company will have over 60% market share throughout the Middle East.”
Cleartrip, founded in 2006, has recorded rapid year-on-year growth since the company launched its regional operations in 2012 to become the largest OTA in Middle East.
Commenting on the acquisition Stuart Crighton, founder and CEO of Cleartrip, said as the company has established a strong position in India it “is now pushing ahead with its ambitious expansion plans in the MENA market and, together with Flyin, we have reached a major milestone in our journey.”
The deal represented the culmination of Cleartrip’s search for a strategic partner in Saudi Arabia that has “outstanding market association in Saudi Arabia and shares our business ethos and principles,” he added.
“With its strong customer base and rich travel offerings, Flyin is the natural partner for us in the region. We will leverage each other’s strengths to enhance product development and customer experience.”
Cleartrip’s purchase of Flyin increases its MENA market share to over 60%. (Image credit: Cleartrip)
Aditya Agarwal, head of M&A and strategy at Cleartrip, said this transaction marked “another step in our goal to be the online travel platform of choice for consumers in the developing world. With their interconnecting routes and growing traffic corridors, Asia, Middle East and Africa provide a large and exciting market opportunity for the sector.”
For Flyin the joining of forces with Cleartrip enables it to offer new and enhanced travel experiences to its customers. “We are embarking on a new journey to reinforce our leadership position in Saudi Arabia’s online travel market,” said Abdullah Al Romaih, founder of Flyin.
Flyin, founded in 2008, has operations in Saudi Arabia and Egypt as well as a technology and product development centre in India. It offers integrated travel services and innovative solutions for customers across MENA and other regions around the world. The company states it has direct access to over 320,000 hotels and 450 airlines, and a wide network of travel products and services.
The transaction will close once final regulatory and corporate approvals are received.
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