Online travel company has signed a Business Transfer Agreement to acquire Happay, an expense management platform, from CRED.
Under the agreement, Happay’s brand, business, and team will transition to MakeMyTrip, while its payments business and team will remain with CRED. The transaction is expected to close in 90 days.
This acquisition is aimed at bolstering MakeMyTrip’s footprint in the corporate travel and expense management space, aligning with its strategy to offer end-to-end solutions for businesses, the company 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.” Rajesh Magow, Co-founder and Group CEO, MakeMyTrip, 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,” Kunal Shah, Founder, CRED, said.
The acquisition complements MakeMyTrip’s existing corporate offerings, which serve more than 59,000 small and medium-sized enterprises through its MyBiz platform and 450 large corporates via Quest2Travel.
“The corporate travel booking experience is increasingly moving towards self-service platforms that ensure policy compliance, transparency, and fraud control while driving cost efficiencies,” the company said.
