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Concur Pools 150 Million USD Specifically To Fund Upcoming Travel-Based Startups
Concur Technologies has come with a corpus fund of 150 million US dollars, which it intends to invest in upcoming travel based startups. This is the same company which had recently, i.e. April 2011, invested a total of 40 million dollars in the travel booking portal Cleartrip.com – which enabled the NASDAQ listed magnum corpus of travel and expense management solution provider to forge a marketing siphon wherein it gained access to the travel data and statistics of Cleartrip.
While the question that comes to mind immediately is where and how does the company intend to invest this huge sum of money; the fund known as Concur Perfect Trip Fund, has not yet divulged details of the geographical vantages wherein the investments would be poured into. Taking a diagnostic attempt at deciphering what this might mean to the Indian travel based startup scenario, a layman would see no window of opportunity. With Yatra, Via, MakeMyTrip, etc. already eating away a big chunk of the market, the big sharks of online travel agency market have literally left no scope for new ventures to take off.
However, amid all this some of the remote startups that are worthy of mention are TravelTriangle, Mygola etc. also, the new foray made by Expedia (with its rather audacious TV commercials) and WEGO, have also garnered attention in India. Especially the kind of effort being put in by WEGO in customizing and deriving customized packages for its customers – is probably what Concur Perfect Trip Fund might be interested in. As per the statement by Steve Singh, Chairman & CEO of Concur, the intent here is to utilize their balance sheet and invest in good ideas and technologies that affect and convulsively transcend the entire travel based Diaspora online. In doing so, the focus is also to gather much out-of-the-box thinking and creative thinking into development of value-based products.
In the current scenario, it is only getting more interesting since all Online travel agents seem to be intent on integrating hotel and vacation packages in their sites; Concur’s move may bring new avenues of investments through the resplendent drive of startup based thinking.
Image Courtesy | concur
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2012-11-15 06:00:14
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