AAA Cleartrip concurs on $40m deal

Cleartrip concurs on $40m deal

Nasdaq-listed corporate travel and expense management service Concur Technologies has agreed to pay $40m for a minority stake in India-based online travel site Cleartrip as part of a marketing partnership.

After launching in 2006, Cleartrip raised $18.5m in April 2008 from local industrial conglomerate Mahindra Group and venture capital firms Draper Fisher Jurvetson, DAG Ventures, Sherpalo Ventures and Kleiner Perkins Caufield & Byers.

Steve Singh, Concur’s executive chairman, said: "India is projected to very soon become the world’s third largest economy, with a travel sector that is expected to be well over $20bn by 2012."

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