MakeMyTrip to Acquire Happay Expense Management Platform from CRED

GURUGRAM, India--(BUSINESS WIRE)--November 18, 2024-- 

MakeMyTrip, India's leading online travel company, today announced that it has signed a Business Transfer Agreement to acquire Happay Expense Management Platform from CRED. This acquisition reinforces MakeMyTrip's commitment to becoming the go-to platform for comprehensive corporate travel and expense management solutions.

Happay is a leader in expense management, with robust capabilities in product development, data-driven insights, and scalable solutions that consistently drive value and efficiency for clients. Under the agreement, Happay brand, its expense management business, and its dedicated team will transition to MakeMyTrip.

"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 CEO, MakeMyTrip. "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."

The transaction is expected to close within the next 90 days, subject to closing conditions. Happay's team will continue to seamlessly support the existing client base while working in close partnership with MakeMyTrip's corporate travel services team.

Happay's payments business and team, which has focused on developing an innovative technology stack and business payments products, will remain with CRED. Most recently, this vertical launched a B2B payments solutions on Bharat Connect in partnership with NPCI.

Kunal Shah, Founder, CRED, said, "Our focus at CRED is on developing products that enable financial progress. 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 one that's set for rapid growth."

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 now 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 (a platform suited for large enterprises).

About MakeMyTrip Limited

MakeMyTrip Limited is India's leading online travel company, with a vision to become the most comprehensive and trusted platform for travelers and partners alike. We are driven by world-class technology, industry-first innovations, and deep consumer insights. Over the 24-year journey to date, we have more than 77 million lifetime transacted users

We own and operate several well-recognized online brands, including MakeMyTrip, Goibibo, and redBus. Through our primary websites--www.makemytrip.com, www.goibibo.com, and www.redbus.in- and mobile platforms, travelers can research, plan, and book a wide range of travel services and products, both within India and overseas. Our offerings include air ticketing, hotel and alternative accommodations, holiday planning and packages, rail ticketing, bus ticketing, car hire, forex services, and ancillary travel needs such as third-party travel insurance and visa processing.

About CRED

CRED is the most rewarding payments platform for the affluent. With a mission to catalyse financial progress, CRED encourages financial prudence by enabling members with delightful payment experiences and rewards for good behaviour. Admission to CRED is based on credit scores for individuals. Download CRED on iOS and Android.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241118432629/en/

 
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November 18, 2024 05:30 ET (10:30 GMT)