Concur buys Cleartrip stake for $40 mn

Both the companies did not disclose the stake picked-up by Concur in Cleartrip.

Steve Singh will join Cleartrip’s Board.

Concur and Cleartrip after the sale will target the rapidly-burgeoning Indian corporate travel segment,Singh said.

Concur is an USD 300-million company (in revenue terms) with 15,000 customers and growing at between 18-25 per cent per annum,he said.

Concur zeroed-in on Cleartrip for a partnership as the latter had the right management team,a long-term business view and the right business model. “Besides,it is a fast-growing company,growing at 100 per cent a year,” Singh said.

Both the companies will operate as separate companies but would integrate their products and services for Indian corporate travel customers.

“Our first objective is to align our products for the local market. We are working on this,” Singh said,adding “we have already added two corporate customers.”

Cleartrip’s Chairman,Sandeep Murthy,said that the company already has 500 corporate customers.

“The corporate travel segment holds an immense growth potential and we intend tapping this opportunity,” Murthy said.

Cleartrip which recently launched its services in the Middle-East is now eyeing a foray into south-east Asia,he said.

Leading venture capital firms hold an over 50 per cent stake in Cleartrip.