Sherpalo Ventures has ended its association with Indian online travel agent Cleartrip, selling its stake to Concur, the travel and expense management company.
The value of the transaction was not disclosed.
In 2011, Concur invested $40 million in Cleartrip to leverage the OTAs service and for Cleartrip to leverage Concur's corporate travel services.
Cleatrip had previously raised a $3.7 million Series A round from Kleiner Perkins Caufield & Byers (KPCB) and Sherpalo in early 2006 and followed up with a $8 million Series B from DAG Ventures, Kleiner and Sherpalo.
TechCrunch reports that Concur also concluded discussion with KPCB to acquire an additional stake in Cleartrip.
Both Sherpalo Ventures and KPCB together are understood to hold about 25% stake in Cleartrip.
A Cleartrip spokesperson told Tnooz,
"Cleartrip continues to have a strong set of investors (which include Concur) that are aligned in building the best travel experience for all our customers. We continue to grow the business well despite a challenging market environment in both our core India and Middle East operations on the back of very strong performance, from both our mobile and hotel businesses."
Sandeep Murthy, the person who was leading Sherpalo & KPCB's investments in India, has now started Lightbox, an investment firm that is aiming to raise $90 million to invest in technology companies.