US-based venture capital companies "� Kleiner Perkins Caufield & Byers and Sherpalo Ventures "� have invested in Cleartrip, an online travel services company. Cleartrip will begin its operations from July 4. | |
| Although the exact amount invested was not revealed, sources said the two venture capitalists will be holding a minority stake in the company, with the maximum sum to come from the founders of the company "� Stuart Crighton, Hrush Bhatt and Mathew Spacie. |
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| The two venture capital firms had already invested in naukri.com. |
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| Cleartrip's website allows customers to select over 900 hotels and 90 per cent of airlines across India. The company will also launch car transfers and domestic holiday packages soon. |
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| "We hope to achieve a turnaround in three years after the start of operations. The Indian online travel market is expected to see a significant growth of 125 per cent, likely to touch $850 million by 2009 from $325 million now," Cleartrip Chief Executive Officer Sandeep Murthy said. |
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| Murthy is a partner with Sherpalo Ventures, and focuses on investment opportunities in India and evaluates and manages investments in the country for Kleiner Perkins. |
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