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.