MakeMyTrip to Acquire Happay Expense Management Platform from CRED

MakeMyTrip, an online travel company, has agreed to acquire the Happay Expense Management Platform from CRED. CRED had purchased Happay in late 2021 in a $180 million deal, as reported by Entrackr.

Happay specializes in managing travel and tax benefits for employees, offering expense management solutions tailored for large businesses with multiple locations and logistics operations.

As part of this agreement, Happay’s brand, business, and team will join MakeMyTrip. The deal is expected to be finalized within 90 days, pending necessary conditions.

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Happay’s team will keep supporting its current clients and work closely with MakeMyTrip’s corporate travel services team.

Rajesh Magow, co-founder and Group CEO, MakeMyTrip said,  “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,”.

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 serves over 59,000 corporate clients through MyBiz, a platform for small and medium-sized businesses, and more than 450 large companies via Quest2Travel, designed for large enterprises.

Listed on Nasdaq, MakeMyTrip reported $211 million in revenue for the second quarter of this fiscal year, a 24.3% increase compared to the same period last year. It also posted a profit of $17.9 million for the quarter ending September 30, 2024, up from $2 million in the same quarter of the previous year.

Deal Benifit

While the deal's value hasn’t been disclosed CRED retaining its payments business suggests a strategic decision. This shift might involve CRED taking a write-off on the deal, which reflects a change in plans as the company adjusts its approach after a period of rapid growth.

About Happay

Happay offers a complete set of travel, expense and payment solutions designed to simplify business travel. It provides a seamless experience for employees before, during, and after trips while giving companies full, real-time control and visibility over travel expenses.

About MakeMyTrip

MakeMyTrip, a leader in India’s online travel industry, was founded by Deep Kalra in 2000. It started by serving the US-India travel market with affordable services, advanced technology, and 24/7 customer support.

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