New Delhi
"Having established a strong position in India with our products, we are pushing ahead with our ambitious expansion plans in the Middle East and North Africa (MENA) market. With Flyin, we have reached a major milestone in our journey. The transaction is the culmination of our search for a strategic partner that has a market association in Saudi Arabia and shares our business ethos and principles," said Stuart Crighton, founder and CEO of Cleartrip.
"We will leverage each other’s strengths to enhance product development and customer experience," he added.
According to Cleartrip, the merged entities will have over 60 percent market share throughout the Middle East and improved profitability owing to better unit economics and larger scale of operations.
"We are setting off on a new journey to reinforce our leadership position in Saudi Arabia’s online travel market. With a decade’s international experience, technologies and skills, Cleartrip will help us offer our customers enhanced travel experiences.
We expect Cleartrip to continue supporting the economic growth in the Kingdom, as well as the evolving travel needs of our customers," said Abdullah Al Romaih, founder of Flyin. The acquisition will be subject to regulatory approvals. Founded in 2008, Flyin, has access to over 320,000 hotels and 450 airlines.
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