MakeMyTrip which is an online traveling app has announced its purchase of the Happay Expense Management Platform from CRED. The move is part of MakeMyTrip’s broader strategy to establish itself as the leading platform for corporate travel and expense management solutions in India.
Rajesh Magow, Co-founder and Group CEO of MakeMyTrip, highlighted the company’s focus on innovation and seamless user experience in the corporate travel sector. He stated that “We have consistently outpaced industry growth in the corporate travel sector over the past few years by focusing on innovation and seamless user experience.”
Happay’s Transition to MakeMyTrip
Founded in 2012 by Anshul Rai and Varun Rathi, Happay offers businesses tools to streamline expense tracking, reimbursements, and corporate spending. Previously acquired by CRED in 2021 for $180 million, Happay will now see its brand, expense management operations, and dedicated team move under MakeMyTrip’s umbrella.
The payments division and team of Happay, which specialize in business payments products, will remain with CRED, signaling a strategic separation of business focus. Kunal Shah, Founder of CRED, remarked, “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.”
Expanding Corporate Travel Solutions
MakeMyTrip currently serves over 59,000 corporate clients through MyBiz, catering to small and medium enterprises, and over 450 large corporations via Quest2Travel, a platform tailored for bigger enterprises. The acquisition of Happay, which boasts a client base exceeding 900 businesses, is expected to enhance MakeMyTrip’s capabilities in the corporate travel and expense management domain.
“This acquisition is a natural next step in our strategy to lead this space,” said Magow. “By integrating Happay’s expertise, MakeMyTrip is set to redefine benchmarks in corporate travel and expense management in India.”
Financial Growth and Future Outlook
MakeMyTrip continues to report strong financial growth. In the second quarter of this fiscal year, the company posted a 24% year-on-year increase in revenue, reaching $211 million, with profits climbing to $17.9 million from $2 million in the previous year.
The deal, expected to close within 90 days, positions MakeMyTrip as a formidable player in the corporate travel sector, bolstering its portfolio with innovative expense management tools and solutions.
