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Cleartrip Sells Minority Stake To Concur For $40M

Online Travel Agent Cleartrip has sold an undisclosed minority stake for $40 million to Concur, a NASDAQ listed provider of integrated travel and expense management solutions. Also a part of the deal is a marketing alliance between the two companies. Concur provides travel and expense reporting services for business travellers, and plans to integrate Cleartrip-generated travel itineraries for Indian clients. Synergy Cleartrip already offers "Cleartrip for business", allowing companies to manage ticketing for their employees, manage employee ticketing permissions, view travel analytics and generate reports, create prepaid deposit accounts etc. There appears to be a fit here with Concur which, according to its profile, allows companies to ensure that corporate travel is booked within policy, reconciles expenses after travel is completed, and delivers electronic receipts – from airlines, hotels, and car rental companies – directly into expense reports. Note that earlier this year, Concur had acquired mobile application based trip management service TripIt for up to $120 million ($82 million up-front). In this context, keep in mind that Cleartrip also alows users to track their trips. Financials According to a Director's Report filed by Cleartrip with India's Registrar of Companies, Cleartrip earned a gross revenue of Rs. 54.97 crore (around $12.39 million) for the year ended March 31st 2010 (FY10), and a Profit after tax of Rs. 6.07 crore (around $1.37 million*). In comparison, it earned revenues of Rs. 33.51 crore ($7.55 million) in FY09, and a loss after tax of Rs. 24.63 crore (around $5.55 million). For its fiscal…

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Founder @ MediaNama. TED Fellow. Asia21 Fellow @ Asia Society. Co-founder SaveTheInternet.in and Internet Freedom Foundation. Advisory board @ CyberBRICS

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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