Flipkart-owned Cleartrip is looking to diversify its flight-heavy business by scaling its hotel, train, and bus verticals, and achieving breakeven by early 2027, chief growth and business officer Manjari Singhal told ET.
Flights make up about 80% of its revenues, but Singhal wants the non-air share to rise from 20-22% today to 30-32% by December 2026, and 45% a year later.
The company has not disclosed its FY26 revenues or losses. “Still bleeding for sure,” is all Singhal said.
The strategy takes Cleartrip into segments where rivals already have scale. MakeMyTrip, owner of Goibibo and redBus, reported FY26 gross bookings of $10.4 billion, revenue of $1 billion, and adjusted operating profit of $189 million. Its Indian subsidiary on Friday confidentially filed draft papers with Sebi for an initial public offering (IPO).
Trains and buses generated Rs 809 crore, about two-thirds of Ixigo’s Rs 1,228 crore FY26 revenues, while flights contributed Rs 391 crore after growing 54%. Its ConfirmTkt and AbhiBus are established brands in rail and bus ticketing, respectively. The company posted a profit of Rs 71 crore in FY26. Cleartrip also faces IRCTC, which Singhal estimated controls 80-85% of online train bookings.
Singhal called Cleartrip India’s second-largest air-bookings player and “fourth-ish” in hotels, but provided no market-share data. She said approaching the leader would take “a couple of years”. Cleartrip is pitching Flipkart’s customer base, bank partnerships, direct hotel inventory, and transparent airfare as differentiators. Partner-led channels generated 25-30% of its business, up from 12% in January; partners fund an estimated 35-40% of discounts, said Singhal.
Cleartrip’s latest public accounts are for FY25, when the company reported operating revenues of Rs 169 crore , a Rs 651 crore net loss, Rs 608 crore of discounts and cashbacks, and expenses of Rs 886 crore.
Flipkart acquired 100% of Cleartrip in April 2021, when the pandemic had severely disrupted travel, for $40 million. Later that year, Adani Enterprises acquired a significant minority stake, with Cleartrip becoming the Adani group’s online travel agency. Flipkart said Cleartrip would remain a separate brand and retain its employees, but deepened integration by folding key product and technology roles into its core commerce team in 2023.
However, a financial turnaround has remained elusive, with losses widening from Rs 357 crore in FY22 to Rs 677 crore in FY23 and Rs 810 crore in FY24, before narrowing to Rs 651 crore in FY25. The period also saw management churn. Chief executive Ayyappan R and finance chief Aditya Agarwal , who helped oversee Cleartrip’s Flipkart integration, left in 2024. Anuj Rathi was appointed chief business and growth officer in June 2024 but exited in April 2025. Singhal has succeeded him and oversees business, growth, marketing, and customer experience.
Flipkart shifted its holding company from Singapore to India in March for an eventual domestic listing, but has deferred its IPO plans amid choppy markets, ET reported in May. Apropos the public issue, Singhal said Cleartrip was being pushed to “structurally set our business right faster”, without changing expansion plans or requiring capital infusion.
