MakeMyTrip, an online travel company has signed a Business Transfer Agreement to acquire the Happay, a business expense management platform from CRED. Happay was acquired by CRED in 2021 in a $180 million cash-and-stock deal.
Happay is an expense management platform, with capabilities in product development, data-driven insights, and scalable solutions that consistently drive value and efficiency for clients. Under the agreement, Happay brand, its expense management business, and its dedicated team will transition to MakeMyTrip.
The transaction is expected to close within the next 90 days, subject to closing conditions. Happay’s team will continue to seamlessly support the existing client base while working in close partnership with MakeMyTrip’s corporate travel services team.
Happay’s payments business and team, which has focused on developing an innovative technology stack and business payments products, will remain with CRED. Most recently, this vertical launched a B2B payments solution on Bharat Connect in partnership with NPCI.
“We have consistently outpaced industry growth in the corporate travel sector over the past few years by focusing on innovation and seamless user experience. The acquisition of Happay’s brand and expense management platform is a natural next step in our strategy to lead this space. By integrating Happay’s expertise, which spans over 900 corporate clients, MakeMyTrip is set to redefine the benchmarks once again in corporate travel and expense management in India,” said Rajesh Magow, co-founder and Group CEO, MakeMyTrip.
Kunal Shah, Founder, CRED, said, “Our focus at CRED is on developing products that enable financial progress. By enabling each vertical to play to its strengths, we’re positioning both teams – who’ve built market-leading products and capabilities – to scale in their domains. I’m excited about the payments team’s opportunity to transform the B2B payments experience into one that’s frictionless, reliable and one that’s set for rapid growth.”
MakeMyTrip claims to have served more than 59,000 corporate clients via MyBiz (a platform suited for small and medium-sized corporates) and more than 450 large corporates through Quest2Travel (a platform suited for large enterprises).
