Online travel giant MakeMyTrip has entered into a business transfer agreement to acquire Happay, a corporate expense management platform, from CRED. This strategic move will enhance MakeMyTrip’s presence in the corporate travel and expense management sector.
Happay, which CRED acquired in 2021 in a $180 million deal, specializes in managing corporate expenses, offering tailored solutions for large enterprises and companies with extensive logistical operations. Under the agreement, Happay’s brand, expense management business, and team will be integrated into MakeMyTrip.
The transition is set to be completed within 90 days, subject to regulatory and closing conditions. Happay’s team will continue supporting existing clients while collaborating closely with MakeMyTrip’s corporate travel services division.
Rajesh Magow, co-founder and Group CEO of MakeMyTrip, emphasized the significance of the acquisition, stating, “Integrating Happay’s expertise, which serves over 900 corporate clients, aligns with our vision to redefine corporate travel and expense management benchmarks in India.”
Meanwhile, Happay’s payments business and associated team will remain under CRED’s umbrella. Recently, this vertical launched innovative B2B payment solutions in collaboration with NPCI. Kunal Shah, founder of CRED, highlighted the strategic separation, focusing on enabling both entities to excel in their respective domains.
MakeMyTrip currently serves more than 59,000 corporate clients through MyBiz, catering to SMEs, and over 450 large corporates via Quest2Travel. Its Nasdaq-listed platform reported a $211 million revenue for Q2 FY2024, marking a 24.3% year-on-year growth, with net profits surging to $17.9 million.
While the financial specifics of the Happay deal remain undisclosed, CRED retaining the payments business underscores the strategic nature of the transaction. This development hints at CRED’s recalibration of priorities as it continues innovating in the B2B payments space.
4o