Riding on the back of its newly-launched international flight booking services, Mumbai-based online travel portal Cleartrip expects to achieve break even by the end of March 2009. The company projects a turnover of Rs 1,200 crore in the current fiscal, as against Rs 700 crore achieved last year.
The two-year-old company, which so far invested $31 million (around Rs 130 crore) raised in three rounds from Draper Fisher Jurveston, Mahindra Group, Dag ventures, KPCB, Sherpalo Ventures and Gund Investment, also plans to go in for an initial public offer (IPO).
“About 35 per cent of the company’s business is driven by southern markets – Hyderabad, Chennai and Bangalore. For instance, the company is closing at 110 international tickets a day of which 70 are from south. Of this, around 40 to 42 are from Hyderabad alone,” Cleartrip stated in a press release on Wednesday.
Cleartrip currently handles around 5,500 domestic tickets across the country on a daily basis, of which 1,800 are from south.
