SUMMARY
- MakeMyTrip acquires Happay’s expense management business from fintech CRED, while CRED retains its B2B payments tech stack.
- The acquisition enhances MakeMyTrip’s MyBiz and Quest2Travel platforms, serving SMEs and large enterprises.
- The deal is expected to close within 90 days, integrating Happay’s 900 corporate clients into MakeMyTrip’s ecosystem.
In a strategic move to bolster its corporate travel offerings, MakeMyTrip, India’s leading online travel company, has announced the acquisition of Happay, an expense management platform, from CRED. While the financial details of the deal remain undisclosed, this acquisition marks a significant step in MakeMyTrip’s effort to strengthen its position in the corporate travel sector.
Happay’s expense management business and its team will transition to MakeMyTrip, whereas CRED will retain ownership of Happay’s B2B payments technology stack and solutions, such as Bharat Connect in partnership with NPCI. CRED had acquired Happay in late 2021 in a $180 million deal, indicating the platform’s strong market potential.
The acquisition complements MakeMyTrip’s existing corporate travel solutions, including the MyBiz platform, which caters to 59,000 small and medium enterprises (SMEs), and Quest2Travel, which serves 450 large enterprises. By integrating Happay’s expertise and its network of 900 corporate clients, MakeMyTrip aims to deliver seamless travel and expense management solutions.
Happay’s innovative expense management tools align with MakeMyTrip’s focus on providing comprehensive travel solutions to its corporate clients. The acquisition is expected to enhance operational efficiency and add value to clients managing travel expenses.
“This transaction signifies our commitment to scaling our corporate travel offerings by integrating cutting-edge expense management capabilities,” a spokesperson for MakeMyTrip stated.
The transaction is expected to close within 90 days, following regulatory approvals. Industry analysts view this acquisition as a win-win for both companies, allowing MakeMyTrip to strengthen its foothold in India’s corporate travel market while enabling CRED to focus on its core fintech offerings.
