Online travel giant MakeMyTrip has announced its acquisition of Happay, an expense management platform, from Fintech Company CRED. This strategic move aims to solidify MakeMyTrip’s position as a leader in corporate travel and expense management.

Details of the Acquisition

The acquisition encompasses Happay’s brand, its expense management business, and its dedicated team, which will transition to MakeMyTrip. However, Happay’s payments business and its team will remain with CRED, allowing CRED to concentrate on innovative business payment solutions. The deal is expected to close within 90 days and will enable MakeMyTrip to integrate Happay’s expertise into its corporate travel offerings.

Expanding Corporate Travel Offerings

Founded in 2012 by Anshul Rai and Varun Rathi, Happay specializes in streamlining corporate expense management, covering reimbursements and spending tracking for businesses. The platform supports over 900 corporate clients, making it a valuable addition to MakeMyTrip’s portfolio. Happay previously joined the CRED ecosystem in 2021 through a $180 million acquisition.

Rajesh Magow, Co-founder and Group CEO of MakeMyTrip, emphasized the synergy created by this acquisition:

“We have consistently outpaced industry growth in the corporate travel sector by focusing on innovation and seamless user experience. The acquisition of Happay is a natural next step in redefining corporate travel and expense management benchmarks in India.”

Benefits for CRED

CRED founder Kunal Shah highlighted the strategic benefits of the transaction, stating:

“Our focus at CRED is on developing products that enable financial progress. By enabling each vertical to scale within their domains, we’re positioning teams for transformative growth.”

Happay’s payments division under CRED will continue its mission to enhance the B2B payments experience, including recently launched solutions like the B2B payments platform on Bharat Connect, developed in partnership with NPCI.

MakeMyTrip’s Growing Footprint

MakeMyTrip operates multiple brands like Goibibo and RedBus, providing a comprehensive range of services including air ticketing, hotel bookings, and holiday packages. The company reported significant financial growth with a 24% year-on-year increase in revenue, reaching $211 million in Q2 of this fiscal year.

The acquisition complements MakeMyTrip’s existing corporate travel platforms—MyBiz, which caters to small and medium-sized businesses, and Quest2Travel, designed for larger enterprises—serving over 59,000 SMBs and more than 450 large corporates, respectively.

By integrating Happay’s capabilities into its operations, MakeMyTrip is poised to become a comprehensive solution for businesses seeking efficient corporate travel and expense management.

Conclusion

This acquisition not only strengthens MakeMyTrip’s offerings in the corporate travel sector but also reflects its commitment to innovation and customer-centric solutions. As the corporate travel landscape evolves towards self-service platforms that ensure compliance and transparency, MakeMyTrip’s strategic move positions it well to meet the growing demands of businesses looking for streamlined travel and expense management solutions. With Happay’s integration, MakeMyTrip is set to redefine industry standards while expanding its reach across various enterprise segments.

Swish, a Bangalore-based rapid food delivery startup, has secured $2 million in seed funding led by Accel. Prominent angel investors, including Urban Company co-founders Abhiraj Bhal and Varun Khaitan, as well as former Swiggy Instamart head Karthik Gurumurthy, also participated in the funding round. The investment will fuel Swish’s expansion across Bengaluru and its future entry into other Tier-1 cities, according to the company’s statement.

A New Player in the Rapid Delivery Market

Founded in 2024 by Aniket Shah, Ujjwal Sukheja, and Saran S, Swish operates on a 10-minute delivery model using strategically located cloud kitchens, referred to as “delight centers.” These centers operate within a 1.5-2 km radius, ensuring quick and hygienic food delivery. The startup launched its operations in Bengaluru’s HSR Layout and has since expanded to Bellandur, gaining traction for its innovative approach to hyperlocal food delivery.

Demand for Speedy Services

Highlighting the demand for quicker services, Swish CEO and co-founder Aniket Shah stated, “We realized that quick commerce, initially seen as a convenience, has quickly become indispensable as people seek faster solutions to their everyday needs. Despite advancements in other categories, food delivery still takes 30-60 minutes, falling short of customer expectations, particularly for instant cravings.”

Market Potential

India’s quick commerce sector is currently valued at billions and is projected to reach $40 billion by 2030. Swish aims to tap into this potential by establishing 150 delight centers across Bengaluru by March 2025, solidifying its position as a leader in the segment.

Competitive Landscape

The rapid food delivery market is becoming increasingly competitive, with established players like Zomato and Swiggy also expanding their quick commerce offerings. Swish’s focus on ultra-fast delivery could give it an edge in capturing market share among consumers seeking immediate food solutions.

Strategic Insights from Investors

Commenting on the investment, Accel partner Abhinav Chaturvedi said, “Customer expectations around delivery times have evolved significantly with the rise of quick commerce. Swish is addressing this challenge by rethinking the supply chain and delivering an ultra-fast experience through their delight centers, bringing innovation to food delivery.”

Unique Operational Model

Swish employs a unique full-stack model that allows it to control all aspects of its operations in-house, including app design, food preparation, delivery mechanics, transport, and supply chain management. This vertical integration helps maintain quality and efficiency while reducing operational costs.

Future Expansion Plans

With plans to scale aggressively, Swish intends to set up additional cloud kitchens (referred to as “Pods”) in high-demand areas of Bengaluru. The startup aims to enhance its menu offerings with healthier options while ensuring that the quality of food remains uncompromised.

Financial Viability

As part of its operational strategy, Swish has managed to keep capital expenditures low while achieving strong unit economics. The startup currently receives approximately 150-200 orders daily, with an average order value of INR 250-300. The founders believe that maintaining high margins—around 70%—on food items will support sustainable growth.

Conclusion

With a unique approach to hyperlocal food delivery and significant backing from investors, Swish is poised to redefine the rapid delivery landscape in India. By focusing on speed and customer satisfaction while leveraging technology and efficient operations, Swish aims to establish itself as a leading player in the burgeoning quick commerce sector.

As it prepares for expansion and continues refining its operational model, Swish represents an exciting development in the Indian food delivery market—one that could potentially disrupt established norms and set new benchmarks for service speed and quality.

PhysicsWallah, renowned as an online education platform, is eyeing substantial growth in its offline revenue, targeting Rs 1,050 crore in FY25. To meet this ambitious goal, the company plans to launch 75 new centres, further extending its reach to both established and untapped locations, including cities like Udaipur, Pune, Akola, and Indore, with an emphasis on expanding into regions such as Jabalpur, Pulwama, Baramulla, and Chennai.

Recent Funding and Expansion Plans

With a recent $210 million funding round concluded on September 20, PhysicsWallah—backed by WestBridge Capital—currently operates 124 offline centres in 94 cities. By adding new centres, the company aims to establish approximately 200 centres, primarily in North India, while also focusing on expanding into the South.

Ankit Gupta, CEO of PhysicsWallah’s offline centres vertical, highlighted a 52% growth in offline revenue year-on-year. He noted that since launching its offline business in 2021, it now contributes about 45% of the edtech firm’s total revenue.

“We see great potential in bringing quality education to every corner of the country through physical centres,” said Gupta, stressing the platform’s commitment to providing affordable access to education, especially in smaller cities that traditionally lacked coaching infrastructure.

Financial Performance

In FY24, PhysicsWallah’s consolidated revenue reached Rs 2,000 crore—a 2.5x rise compared to the previous year. However, net profit declined to Rs 16 crore from Rs 98 crore in FY22 due to increased employee expenses and other provisions. Competing with established players like Byju’s Aakash Institute, Allen Career Institute, and Unacademy, PhysicsWallah’s offline centres offer coaching for engineering and medical entrance exams.

Investment in Infrastructure

With edtech witnessing a pivot to offline models post-COVID, PhysicsWallah has invested approximately Rs 400 crore to date in its physical centres, namely Vidyapeeth and Pathshala. Vidyapeeth centres are equipped with tech-enabled classrooms, while Pathshala centres follow a hybrid model that combines online lessons with in-person doubt sessions.

To further its expansion into tier II–IV cities, PhysicsWallah plans an additional investment of Rs 100-150 crore next year. Gupta explained:

“In tier III and IV cities, access to quality education remains limited,” emphasizing the potential impact of the Pathshala model on smaller towns.

Strategic Goals and Future Prospects

Founders Alakh Pandey and Prateek Maheshwari noted that the latest funds will support the platform’s offline expansion, regional diversification, and possible acquisition initiatives. The company previously secured $100 million in 2022, valuing it at $1.1 billion. This year, the Indian edtech sector has raised approximately $215 million, down from $321 million in 2023, reflecting a broader shift in the industry towards sustainable growth models.

Competitive Landscape

As PhysicsWallah expands its offline presence amid increasing competition from established players, it aims to leverage its strong brand recognition and existing infrastructure. The focus on tier II–IV cities aligns with market trends indicating rising demand for quality education outside major urban centers.

Conclusion

PhysicsWallah’s ambitious target of achieving Rs 1,050 crore in offline revenue for FY25 underscores its commitment to expanding access to quality education across India. By investing significantly in new centres and leveraging its existing network, the company is strategically positioned to capitalize on emerging opportunities within the education sector.

As this expansion unfolds, it will be crucial for PhysicsWallah to maintain its focus on quality while navigating the challenges associated with rapid growth. The ongoing investment in both infrastructure and innovative educational models reflects a proactive approach to fostering long-term success in a competitive landscape.