MakeMyTrip To Acquire CRED’s Expense Management Platform Happay

by · Inc42

SUMMARY

  • MakeMyTrip has signed a business transfer agreement with fintech unicorn CRED to acquire expense management platform Happay
  • The online travel aggregator said that the acquisition will help it become the go-to platform for comprehensive corporate travel and expense management solutions
  • Happay was founded in 2012 by Anshul Rai and Varun Rathi, and was acquired by CRED in December 2021
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Online travel aggregator MakeMyTrip is acquiring fintech unicorn CRED’s expense management platform Happay.

In a statement, MakeMyTrip said it has signed a business transfer agreement to buy Happay from the Kunal Shah-led company with an aim to become the go-to platform for comprehensive corporate travel and expense management solutions.

However, it didn’t disclose the financial details of the deal.

“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, cofounder and group chief executive of MakeMyTrip. 

The travel major said that the deal is expected to close within the next 90 days. 

Happay’s expense management business and team will transition to MakeMyTrip following the acquisition. However, Happay’s payments business and team, which is focused on developing technology stack and business payments products, will stay back with CRED.

Happay was founded in 2012 by Anshul Rai and Varun Rathi, and was acquired by CRED in December 2021. The cash and stock deal valued Happay at $180 Mn.

(The story will be updated soon.)