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Online travel marketplace Wego has signed a definitive agreement with Indian e-commerce giant Flipkart Group to acquire Cleartrip’s Middle East business.
The transaction also includes the sale of Flyin.com and a technology cooperation agreement between Wego and Flipkart, a joint statement said on Monday.
It didn't disclose any financial details of the agreement.
Wego said the acquisition will significantly increase its scale and capabilities and strengthen its ability to collaborate across the region.
"We are also excited to begin a multi-faceted partnership with Flipkart that will involve us sharing a brand across regions and co-operating on technology,” said Ross Veitch, CEO and co-founder of Wego.
Founded in 2005, Wego is dual headquartered in Dubai and Singapore and is backed by investors including Tiger Global Management, Crescent Point, Square Peg Capital, Middle East Venture Partners and the MBC Group.
Cleartrip, an Indian online travel platform, expanded organically into the Middle East region in 2010 and acquired Riyadh-based Flyin.com in 2018. Both Wego and Cleartrip have their regional headquarters located in Dubai Internet City.
(Reporting by Brinda Darasha; editing by Cleofe Maceda)
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