Concur Invests an Additional $5.4 Million in India Booking Site Cleartrip
Skift Take
Concur Technologies invested an additional $5.4 million in the preferred stock of Cleartrip, the privately held India online travel agency, with Concur increasing its stake to 24.2% of the company.
The increased investment took place during the quarter ending March 31, Concur stated.
Concur has been ramping up its investment in Cleartrip since 2011, when Concur invested $40 million. Concur's total investment in Cleartrip now stands at $68.3 million.
TechCrunch reported that Concur concluded negotiations with Cleartrip investors Sherpalo Ventures and Kleiner Perkins to make its latest investment in Cleartrip.
Concur's ratcheted up investment in Cleartrip takes place as rival Yatra has indicated its intent to conduct an IPO, possibly next year in New York. The largest online travel agency in India, MakeMyTrip, is a public company.
Concur has been an active investor in travel startups with its $150 million Perfect Trip Fund.
In its 10-K filling last year, Concur disclosed that it invested an additional $3.4 million in airfare and hotel rate tracker Yapta, bringing Concur's stake to 48.1%.
Concur has invested a total of $8.7 million in Yapta since 2011.
Photo Credit: Cleartrip has attracted an additional investment from Concur as Cleartrip ups its push into hotels and rail. Cleartrip
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