Cleartrip gets 2 US venture capitalists' funding

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.

The two venture capital firms had already invested in naukri.com.

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.

"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.

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.