MakeMyTrip: MakeMyTrip to acquire Happay from Cred

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Online travel booking portal MakeMyTrip is set to acquire expense management platform Happay from fintech unicorn Cred. This acquisition will give a stronger foothold to the Gurugram-based company in the corporate travel booking space.

Cred had acquired Bengaluru-based startup Happay in 2021 in a cash-and-stock deal worth $180 million.

Under the arrangement, the Happay brand along with its expense management business and the vertical’s dedicated team will join MakeMyTrip, the company said in a news release Monday.

Cred will retain the payments business of Happay, which has close to half of Happay’s 240 employees, people in the know said.

Financial terms of the deal and the exact structuring of the teams were not officially disclosed.


“Broadly the Happay business has two divisions. The payments division stays with Cred and the travel and expense management side goes to MakeMyTrip,” said a person in the know. “The deal details are confidential and some of the details will get worked out as the deal just got signed,” the person added.

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Cred recently leveraged the payments vertical of Happay to launch a B2B payments solution on Bharat Connect, in partnership with the National Payments Corporation of India.Happay was founded in 2012 by Varun Rathi and Anshul Rai as an expense management platform. The startup had raised around $22 million from the likes of Peak XV Partners, Prime Venture Partners and Greyhound Capital Management. Rathi left Happay around a year back while Rai continued to work at Cred after the acquisition.

Through the deal, MakeMyTrip intends to scale up its corporate travel business vertical. Happay’s platform is being used by more than 900 corporate clients.

Retail travel focused MakeMyTrip entered the corporate travel space in 2019 through the acquisition of Mumbai-based Quest2Travel.

MakeMyTrip is now serving more than 59,000 corporate clients via its small and medium business portal MyBiz and over 450 large companies through Quest2Travel.



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