Mumbai: The Nasdaq-listed online travel and expense management company Concur Technologies, Inc has picked up a minority stake in Mumbai-based online travel company Cleartrip Travel Services Pvt. Ltd for $40 million, without divulging the details of stake dilution. Cleartrip is offering fresh shares to Concur.
Steve S Singh, chairman and cheif executive officer at Concur said “the stake is neither too small nor too big” adding that he would be interested in investing further if Cleartrip requires more capital. Sandeep Murthy, chairman at Cleartrip said his firm will be investing this money in product development, creating more sales and distribution channels, enhancing existing brands and expanding to new international brands. With this strategic investment, Concur also marks its entry into India. Concur helps more than 15 million people to manage their business travel and expense reporting.