Cleartrip, the Indian travel and leisure company, has strategically moved by acquiring a 40% stake in Singhtechcrunch, a Mumbai-based technology firm. The acquisition marks Walmart-owned Cleartrip’s foray into technology and strengthens its position in the Indian market. The move comes when the travel industry has been hit hard by the COVID-19 pandemic. Companies are looking for ways to pivot and diversify their business.
The Deal
Cleartrip has acquired the stake in Singhtechcrunch for an undisclosed amount, and the deal It expected to close in the coming months. According to reports, the investment will be used to develop and enhance Singhtechcrunch’s technology platform, which includes a mobile app and a website that offers personalized news and insights to users.
Cleartrip, acquired by Walmart in 2018, is one of India’s leading online travel agencies, offering flight bookings, hotel reservations, and vacation packages. With the acquisition of Singhtechcrunch, Cleartrip aims to expand its technology capabilities and improve its user experience.
Singhtechcrunch, on the other hand, is a startup that uses artificial intelligence and machine learning to curate news articles and other content for its users. The platform has grown steadily and gained a strong following in India.
The Benefits
The acquisition of Singhtechcrunch is expected to bring several benefits to Cleartrip and its users. By incorporating Singhtechcrunch’s technology into its platform, Cleartrip can offer its users a more personalized and curated experience, making it easier to find the information they need and make informed decisions.
Singhtechcrunch, on the other hand, will benefit from Cleartrip’s resources and expertise, which can help the startup scale its technology and reach a wider audience. The investment from Cleartrip will also help Singhtechcrunch develop new features and products that can enhance its platform and improve its value proposition.
The Future
The acquisition of Singhtechcrunch is a strategic move for Cleartrip, allowing the company to expand its technology capabilities and strengthen its position in the Indian market. The travel industry has been hit hard by the COVID-19 pandemic, and companies are looking for ways to pivot and diversify their business. Cleartrip’s move into the technology space shows the company’s long-term vision and commitment to staying ahead of the curve.
Singhtechcrunch, on the other hand, is well-positioned to grow in India’s fast-growing technology market. With the investment from Cleartrip, the startup can scale its technology and reach new users while continuing to innovate and develop new products.
In conclusion, the acquisition of Singhtechcrunch by Walmart-owned Cleartrip is a strategic move that benefits both companies and their users. The move into the technology space signifies Cleartrip’s long-term vision. At the same time, Singhtechcrunch’s innovative platform could disrupt India’s technology market. As the travel industry continues to face challenges in the wake of the COVID-19 pandemic, companies that can pivot and adapt to the changing landscape will be the ones that thrive in the years to come.
