MakeMyTrip Plans to Purchase Happay from CRED
On 17 November 2024, online travel agency MakeMyTrip announced that it would purchase CRED's Happay Expense Management Platform. MakeMyTrip hopes to establish itself as the leading platform for all-inclusive business travel and cost management solutions with this acquisition. "By concentrating on innovation and a smooth user experience, we have continuously outpaced industry growth in the corporate travel sector over the past few years," MakeMyTrip said in a statement.
Happay, an expense management platform that simplifies corporate spending, reimbursements, and expense tracking for organisations, was founded in 2012 by Anshul Rai and Varun Rathi. In 2021, CRED purchased the company for $180 million.
Details of the Agreement
The Happay brand, its cost management division, and its committed staff will switch to MakeMyTrip in accordance with the terms of the agreement. The team and payments division of Happay, which has concentrated on creating a cutting-edge technological stack and business payments solutions, will stay with CRED.
By emphasising innovation and a smooth user experience, MakeMyTrip has continuously surpassed industry growth in the business travel sector over the last four years, according to Rajesh Magow, the company's co-founder and group CEO.
It makes sense for MakeMyTrip to take the lead in this market by acquiring Happay's name and spending management system. He claimed that MakeMyTrip is poised to once again raise the bar for corporate travel and cost management in India by incorporating Happay's experience, which includes more than 900 corporate clients.
In the following 90 days, the deal should be finalised. According to Kunal Shah, the creator of CRED, the organisation is committed to creating solutions that facilitate financial advancement. The business is putting both teams, who have developed industry-leading products and capabilities, in a position to grow in their respective fields by allowing each vertical to play to its strengths. The company is thrilled about the payments team's chance to make B2B payments a smooth, dependable, and quickly expanding experience.
Financial Dynamics of MakeMyTrip
In addition to providing services including airline tickets, hotels and other lodging, vacation planning and packages, rail and bus tickets, auto rentals, and forex services, MakeMyTrip is the owner and operator of several web brands, including MakeMyTrip, Goibibo, and RedBus. In the second quarter of this fiscal year, it reported revenue of $211 million, up 24% year-over-year, and a profit of $17.9 million, up from $2 million in the same period last year.
The company's official financial statement claims that MakeMyTrip currently serves over 450 major corporate clients through Quest2Travel, a platform designed for large corporations, and over 59,000 corporate clients through MyBiz, a platform designed for small and medium-sized corporates.
Nitin Konde
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