Flipkart to acquire Cleartrip
Flipkart recently announced that it is to acquire Cleartrip. Cleartrip is a leading online travel and technology company.
Cleartrip was founded in 2006. The company books train and flight tickets, hotel reservations and other activities in India and in middle east countries. The company has offices in Saudi Arabia, UAE, India and Egypt.
- Flipkart is an E-Commerce company headquartered in Bangalore, India. It initially focused on book sale. Later it expanded to other products such as fashion, consumer electronics, home essentials, lifestyle products and groceries. Flipkart is the major competitor of Amazon’s Indian subsidiary and Snapdeal.
- Till 2017, Flipkart held 39.5% of market share of E-Commerce industry of India. After acquiring Myntra it gained a dominant position in apparel segment.
- Today it is described as being neck and neck with Amazon.
- Flipkart also owns Phonepe.
- In 2018, Walmart acquired 77% of controlling stake in Flipkart.
Founders of Flipkart
Flipkart was founded by Sachin Bansal and Binny Bansal. They were alumni of IIT Delhi and also former employees of Amazon.
E-Commerce in India
- About 40% of Indian population used internet as of May 2020. With this, India has the second largest internet user base in world after China. However, the penetration of E-Commerce is less as compared to markets in US and France. More than 84% of US citizens use E-Commerce platforms.
- The Indian E-Commerce industry is expected to grow to 200 billion USD by 2026.
- The issues faced by E-Commerce industries in India are domestic trade, consumer protection, competition policy, information technology, etc.
Category: Economy & Banking Current Affairs
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