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VC-backed travel portal gets $40m

  • Anita Davis
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VC-backed Indian travel portal Cleartrip Travel Services has received a $40 million capital injection from online travel and management firm Concur Technologies Inc., buying US-based Concur an undisclosed minority stake in the company.

According to a statement from the companies, the deal gives Concur the opportunity to expand into India, a new geographic market, and enables both firms to share travel content and technology. "India's economy is fueling a travel sector that is expected to grow to over $20 billion by 2012," Steve Singh, Concur's Chairman and CEO, said in the statement. "In partnership with Cleartrip, Concur plans to leverage the synergies of our combined technologies to help us expand our offerings, extend our reach, and make business travel easier for the millions of travelers in India."

Kleiner, Perkins, Caufield and Byers, Sherpalo Ventures, DAG Ventures and Draper Fisher Jurvetson have invested in Cleartip in the past. In 2008, Cleartip announced that it had raised a total of $30.2 million over the past three years.

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