Dubai – Mubasher: Cleartrip, the India-based global online travel and hospitality major, is looking to expand in the Gulf region through acquisitions and heavy investments for organic growth GCC markets including Bahrain, Oman and Kuwait as part of its major expansion plan for its Middle East business.
The expansion comes along with the company’s strategic plans to take its gross bookings value (GBV) to surpass $2.5 billion over the next two years, compared to the current level of $1.5 billion.
“We are looking at a two-fold expansion, through organic and inorganic routes, in countries such as Bahrain, Oman and Kuwait which are the largest markets in GCC outside UAE and Saudi Arabia,” Aditya Agarwal, head of the corporate strategy and M&A at Cleartrip, told Arabian Business.
The Indian company is already in talks with some companies and operators in the GCC for possible acquisitions.
In June 2018, Cleartrip acquired Flyin, Saudi Arabia's largest online travel aggregator (OTA), which has helped the Indian start-up catapult to the number one player in the GCC region in the segment.
It is worth noting that the online major, who is co-founded by British nationals Stuart Crighton and Matthew Spacie and Indian national Hrush Bhatt, is already present in the online visa service business in the UAE.
The expansion will also include entering the segment of providing online visa services in further countries in the region, along with foraying into other segments in a bid to “cater to all possible requirements of the company’s travelling customer”, according to Arabian Business.
“We will enter the online visa providing segment in ][Middle East] countries which allow private players in this activity,” Agarwal said.
He added that Cleartrip will also expand its products in the region, depending on the requirements and potential of each market.
The company is currently present in seven countries in the Middle East region – namely the UAE, Saudi Arabia, Bahrain, Kuwait, Oman, Qatar and Egypt.
