Happay (short for ‘Happy + Payments’) was founded in 2012 at Bengaluru. Happay is a business expense management solution that streamlines an organization’s expense workflow. It is an end-to-end solution that take cares of esuccessful-startups-storyxpense management to reporting and gives real-time visibility and control over business spending.
Remembering passwords while making online transactions was one hell of an ask. The co-founders came up with an idea – to become the ‘PayPal of mobile numbers’ and to make peer-to-peer (P2P) payments a happy experience. And with this very simple idea, they started Happay in 2012 – short for ‘Happy + Payments,’ the company’s core belief.
However, this simple task soon turned towards a B2B model and now Bengaluru-based Happay boasts of working with most of the leading corporates, helping them manage their business expenses minutely.
Happay- Vision & Mission
Happay’s vision is making payments a happy experience for businesses and to develop a new product to support and business expense management.
Anshul is a computer science graduate from IIT Kharagpur. After engineering, he grabbed the most coveted job at Microsoft Research Lab. He spent two wonderful years at MSR, filing 2 patents and publishing 4 papers in International Journals. However, this did not appease his hunger for learning, creating value and making that significant impact in the society he always wanted to. So he decided to quit his job and start Happay. Anshul loves coding. He can code for days continuously and likes to make things work. When he is not coding, he can be found reading about entrepreneurs, listening to music, or explaining his new found discoveries to others. He also loves traveling and visiting new places with different cultures.
Varun comes from a business family and hence believes that starting a business is his birth right, which in modern terms is called ‘entrepreneurship’. Like Anshul, he too is an IIT Kharagpur graduate. After graduation, Varun took up a job at the TATA, which he thought was ‘too’ comfortable. He is passionate about technology and loves to use it to make lives easier. He is obsessed about creating awesome user experiences and makes sure nothing is ever compromised on that front. He is proud of his Marwari business skills and is using them with full gusto to make Happay the most preferred mode of payment.
Varun and Anshul began Happay in 2012 with the idea of working toward making a whole payment platform that worked in real-time for companies. They began by working on employee payment customization and are expanding to try to become the one-stop shop for all of a company’s business expenses. Anshul focused more on tech aspects of the job, while Varun focused on sales, marketing, and the startup’s presence.
Happay- The Idea
Happay was founded with a simple idea: paying someone, be it friends, family or colleagues should be as easy as sending a text message. With this in mind, the founders built their first consumer product, the Happay mobile app- a mobile wallet that allows you to pay just about anyone, anywhere, with their mobile number. No bank account details required. Later they pivoted the business to focus on B2B market.
Happay- Products & Services
Happay aims to make expense management cashless, paperless and mobile by simplifying the entire expense management workflow from recording of expenses to accounting. It allows organizations to replace manual business expense management processes which are costly and cumbersome with VISA cards, that auto-record and classify expenses on mobile as well as automate expense reporting and approval.
Happay Digital Marketing Expense card
Designed to suit the monetary requirement of a digital marketing team, the card is designed to process, track, monitor and control the marketing spends, giving the organisation detailed financial summary of the expenses by the team. The features of the card include– detailed financial summary of spends on a real-time basis ensuring transparency; setting limits and policies on marketing expenses; monitoring spends on multiple platforms along with single-screen data analysis on the spend pattern. This card also enables organisations to fill the card with only a specific amount allocated for digital marketing, and link it to all the online tools and different ad networks.
Happay was initially launched as a B2C peer-to-peer (P2P) payments platform. By the end of 2013, the company reportedly amassed more than 200,000 users – mostly college-going young students.
Happay is currently catering to more than 4,500 businesses across the country such as Aditya Birla Retail Ltd, Health & Glow, YourStory, Subway, Ayurveda hospitals, Unnati NGO, Ibibo group, Uber, Grofers, Urban Ladder, Knowlarity Solutions, etc. The company has a workforce of more than 200 employees.
Happay- Business Model
Taking a general perspective, a consumer business is considered more lucrative in terms of ability to reach and scale, rather than a B2B model. The founders of Happay initially thought the same when they began conceptualising the initial idea of P2P lending. The duo took a year to understand the existing payment mechanisms and the regulations which govern them, before getting their first product out in 2013.
Happay- Revenue Model
The revenue model of the consumer-facing business was not strong, the founders soon turned towards a B2B model, with the aim of helping businesses and corporates manage their expenses minutely. While loading the wallet, the company would have to choose close to 2% as payment gateway charges. So, the founders had to earn this 2% plus their profit margin from the merchants.
Happay raised $10.1 million in a Series B funding round led by Sequoia Capital India. Singapore-headquartered private equity fund Axiom Capital, AME Cloud Ventures, Brad Garlinghouse of Oak Street Trust and US-based businessman Ben Nelson also participated in the round.
As part of the funding round, Sequoia Capital has invested $5.98 million in Happay, while Axiom Capital has fuelled another $4 million. Yahoo co-founder Jerry Yang-led AME Cloud Ventures has poured $54,274 into Happay.
Happay, in it’s genesis, secured $500K Seed funding from Prime Venture Partners in 2013. Later in July 2015, Sequoia Capital reportedly led a $7.2 million investment round, along with existing backers.
In the finance management space, Happay competes with a growing number of start-ups including ItzCash-backed Finly, Bengaluru-headquartered Fyle Technologies and Gurugram-based Numberz.in.
Happay- Future Plans
Currently the leader in “card based expense management solutions” Happay aims to consistently maintain more than 50% of the market share. Constant innovations and client satisfaction have made Happay an indispensable product and this is only the start of many more successes to come.
Happay (VA Tech Ventures), Third Floor, Delta Block, Sigma Technology Park, Varthur Main Road, Whitefield- 560066
Happay Contact Number: 08061776177 | Happay Contact Email: email@example.com