Cleartrip posts strongest quarterly results in its history

The company will launch in Egypt later in 2018
By Bernd Debusmann Jr
Wed 07 Feb 2018 04:35 PM

Mobile and online travel company Cleartrip Middle East has posted its strongest ever quarterly results in Q4 2017, after a 59 percent year-on-year increase in bookings in the MENA region.

“We marked a strong finish to 2017 with the best quarterly performance in Cleartrip Middle East’s history,” said Cleartrip founder and CEO Stuart Crighton. “In markets like UAE, we were able to outperform the industry showcasing a multifold expansion.”

“We were particularly delighted to see that our investment toward the adoption of new technologies have started to yield positive results,” he added.

In the UAE, Cleartrip grew four times as much as the overall air industry growth rate, which expanded at approximately 13 percent compared to the same period the year before.

In neighbouring Saudi Arabia, Cleartrip witnessed a 236 percent increase in growth, which the company credits to the launch of its Arabic website and a continued focus on product innovations.

According to Cleartrip, while India continued to be the strongest route in the UAE and Saudi Arabia, the company’s domestic travel segment expanded 25-fold in Q4.

“We are optimistic that 2018 will be another strong growth year, and we will continue to drive innovation and leverage technology to further diversify and enhance our offerings,” said Sameer Bagul, EVP and managing director of Cleartrip. “With our strong presence in the region and our solid financial credentials, we couldn’t be in a better position to further scale our operations and expand our market footprint.”

Bagul noted that the company plans to continue expanding in the region, and will launch in Egypt later in 2018.

Additionally, Bagul added that the company invested more than $1 million in mobile development over the course of 2017.

“We clearly know that the future is mobile and we will continue to step up our efforts to bolster Cleartrip’s position in this space,” he said. “We are also working towards introducing a ‘chat based’ booking and service experience to enable our customers to interact with our brand in a more ‘natural’ manner by cutting out the noise.”

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Last Updated: Fri 09 Feb 2018 03:23 PM GST

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