Date:07/08/2008 URL: http://www.thehindubusinessline.com/2008/08/07/stories/2008080751911500.htm

Back Cleartrip plans IPO in 2009

Our Bureau

Hyderabad, Aug. 6 Cleartrip, an online travel facilitating company, is likely to come out with an initial public offering in 2009. The company, which received three rounds of investments totalling $31 million, hopes to break even this financial year.

“We registered a turnover of Rs 700 crore in the last financial year. We are expecting to close at Rs 1,200 crore and break even this financial year,” a spokesperson told Business Line.

Asked what would drive the business, the spokesperson said the international travel product launched in July would significantly increase the business. “We are doing about 110 bookings a day since we launched the service.”Besides, the company is in talks with offline travel services providers for an acquisition. The contribution from Southern States had gone up significantly.