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Cleartrip Has Secured Fresh Funding From Investors

Bhanu Prakash

   

It’s been reported by LiveMint that ClearTrip has managed to get a fresh round of funding from Concur Technologies and Gund Investment. Currently, the company has not disclosed the amount that it has received.

This funding will enable ClearTrip to taken on its competitors including MakeMyTrip and GoIbibo who are backed by big investors.

The funding will be used for their newly launched segment called Local in the ClearTrip App through which it is targeting people who are looking for local activities like Family dinner, Fitness training, including Yoga and other outdoor recreational activities including go-karting , Dirt biking etc.

Even though the average ticket size is a lot lesser than the average ticket size of international route, the company is confident to make the profit in this segment. It further predicts the new local segment will be 50% of the total revenue in the next 3-5 years time-frame.

It is also worth noting that ClearTrip had earlier received funding in the Month of February – March from the existing Investors.

As per studies, The Indian Travel industry is about $6-7 Billion and is growing at a steady pace. The Funding is expected to be used for ad spending in the television ad campaign and is expected to be launched in the month of July.

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