India-based travel giant MakeMyTrip has agreed to acquire expense management platform Happay from rewards-focused payment platform CRED.
MakeMyTrip, which said it has more than 59,000 corporate clients, said the acquisition of Happay underscores its strategy to offer a total solution for corporate travel and expense management.
“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 of MakeMyTrip.
Happay uses data and scalable solutions to improve value and efficiency for users.
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“The acquisition of Happay’s brand and expense management platform is a natural next step in our strategy to lead this space,” Magow said. “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.”
With the acquisition underway, Happay’s team will migrate to MakeMyTrip in the next 90 days, depending on the deal’s closing, except its payments unit which will stay with CRED.
“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,” said Kunal Shah, founder of CRED. “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 news of MakeMyTrip’s acquisition comes as optimism is rising around business travel. MakeMyTrip is among many businesses tapping into corporate travel’s revival post-pandemic. The company has been making strides in the corporate space since 2019 with its then acquisition of travel management company Quest2Travel.