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Concur increases stake in ClearTrip

Travel and expense management company Concur has acquired an additional stake in the Indian online travel startup Cleartrip, reports TechCrunch. In 2011, Cleartrip sold an undisclosed minority stake for $40 million to Concur. US-based Concur has completed negotiations with Sherpalo Ventures and Kleiner Perkins, which held a 25% stake in ClearTrip. However, details of the deal and the stake each company holds have not been shared yet. It is not clear if Concur plans to acquire the company down the line. Last month, there were reports about ClearTrip looking to raise funds around $50 million through private equity. Other investors of the travel agency DAG Ventures and Draper Fisher Jurvetson. When Concur invested in 2011, the deal included a marketing alliance whereby Concur provided travel and expense reporting services for business travelers, and plans to integrate Cleartrip-generated travel itineraries for Indian clients.

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