MakeMyTrip, an online travel company, on Monday said that it has signed a business transfer agreement to acquire Happay’s expense management platform from CRED for an undisclosed amount.
CRED is a members-only app that allows users to make payments and manage credit cards. Happay is an expense management application.
This acquisition will help the company expand its corporate travel segment and expense management solutions, it said.
“Under the agreement, Happay brand, its expense management business, and its dedicated team will transition to MakeMyTrip,” said the company in a statement.
Happay’s payments business and team, which has focused on developing an innovative technology stack and business payments products, will remain with CRED. The transaction is expected to close within 90 days, subject to closing conditions, the statement added.
“We have consistently outpaced industry growth in the corporate travel sector over the past few years by focusing on innovation and seamless user experience,” said Rajesh Magow, co-founder and group chief executive officer, MakeMyTrip, in a statement.
It added, “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.”
Happay’s team will continue to support the existing client base while working in close partnership with MakeMyTrip’s corporate travel services team.
“Our focus at CRED is on developing products that enable financial progress,” said Kunal Shah, founder, CRED in a statement.
“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 set for rapid growth,” he added.
The corporate travel booking experience is increasingly moving towards self-service platforms that ensure policy compliance, transparency, and fraud control while driving cost efficiencies.
MakeMyTrip is serving more than 59,000 corporate clients via MyBiz (a platform suited for small and medium-sized corporates) and more than 450 large corporates through Quest2Travel (for large enterprises), according to the company’s press release.
