In Brief
Posted: 3:10 AM PST · November 18, 2024
Image Credits: CRED – Manish Singh
MakeMyTrip Acquires Happay from CRED
Indian travel and hospitality aggregator MakeMyTrip has agreed to acquire the expense management platform Happay from fintech company CRED. This strategic move will see Happay’s expertise in expense management business and team transition to MakeMyTrip, while the payments division will remain at CRED.
The financial terms of the deal have not been disclosed yet, but it is expected that the transaction will be completed within 90 days.
Background on the Deal
CRED acquired Happay in a $180 million deal in late 2021. Happay has since developed its B2B payments technology stack and launched solutions on Bharat Connect. This acquisition is aimed at bolstering MakeMyTrip’s corporate travel offerings, which already serve 59,000 small and medium-sized businesses through its MyBiz platform and 450 large enterprises via Quest2Travel.
Impact of the Acquisition
The integration of Happay’s expertise in serving 900 corporate clients with MakeMyTrip’s travel services will significantly enhance the company’s corporate travel offerings. This move is expected to provide a one-stop-shop for corporate travelers, making it easier for them to manage their business trips and expenses.
MakeMyTrip’s acquisition of Happay marks an important milestone in its journey to become a leading player in the Indian travel industry. With this deal, MakeMyTrip will be able to offer a more comprehensive range of services to its corporate clients, further solidifying its position as a market leader.
About CRED
CRED is a fintech company that has been making waves in the industry with its innovative products and services. Founded by Kunal Shah, CRED has disrupted the traditional banking sector with its mobile-only credit card offerings and digital lending solutions. The company’s focus on financial inclusion and digitization has made it a leader in the Indian fintech space.
About Happay
Happay is an expense management platform that provides a range of services to businesses and individuals. Founded by IIT Kanpur alumni, Rajul Jain, and Asha Parmar, Happay has been instrumental in simplifying expense tracking and management for its clients. With its user-friendly interface and AI-powered features, Happay has become a go-to solution for corporate travelers.
About MakeMyTrip
MakeMyTrip is one of the leading travel and hospitality aggregators in India. Founded by Deep Kalra, MakeMyTrip has revolutionized the way Indians plan and book their trips. With its range of services including flight bookings, hotel reservations, and package tours, MakeMyTrip has become a household name in India.
Conclusion
MakeMyTrip’s acquisition of Happay from CRED is a strategic move that will further solidify the company’s position as a market leader in the Indian travel industry. This deal will enable MakeMyTrip to offer a more comprehensive range of services to its corporate clients, making it easier for them to manage their business trips and expenses.
As the demand for online travel bookings continues to rise, this acquisition is expected to benefit both MakeMyTrip and CRED. With this deal, both companies will be able to expand their offerings and reach new markets, further cementing their positions in the Indian fintech space.
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