Concur Technologies, a US-based provider of travel and expense management services, has agreed to increase its stake in India-based online travel company Cleartrip by acquiring the stakes currently held by venture capital firms Sherpalo Ventures and Kleiner Perkins Caufield & Byers, according to TechCrunch.
Concur acquired a minority stake in Cleartrip for $40m in 2011, after the company had raised $30.2m from investors also including DAG Ventures and Ram Shiram between 2005 and 2008.
A source directly familiar with the developments told TechCrunch that Sherpalo and KPCB jointly held 25% of Cleartrip.
Founded in 2006, Cleartrip sells flights, hotel rooms, and bus and train tickets online. It has a market share of about 20% in the subsector, similar to Yatra, though the market leader is MakeMyTrip, according to Deal Curry, which cited research conducted by travel industry research firm PhoCusWright.