How the MakeMyTrip Acquisition of Happay Expense Will Change Corporate Travel
MakeMyTrip acquisition of Happay Expense
MakeMyTrip is buying the Happay Expense Management platform from CRED. It will also enhance its corporate travel and expense services. Happay is an app which enables companies to track and monitor spending and have options for expenses and reimbursement tracking. CRED bought it in the year 2021 for INR 1300 crores and it’s equivalent to $180 million.
Now, it will join MakeMyTrip, which already lists over 59,000 corporate employees through its business travel platform MyBiz and 450 large corporate houses through the Quest2Travel programme.
A Major Step for MakeMyTrip
The MakeMyTrip acquisition of Happay Expense shows a big shift in corporate travel solutions. Happay, launched in 2012 by Anshul Rai and Varun Rathi, works with more than 900 companies. MakeMyTrip plans to integrate Happay’s tools into its existing services.
This deal also means a split for Happay’s operations. Its expense management business and team will join MakeMyTrip. However, its payments team and technology will stay with CRED.
MakeMyTrip’s CEO, Rajesh Magow, called it a smart step forward. “We are leading in corporate travel. Adding Happay helps us deliver a complete solution for travel and expenses,” he said.
Happay simplifies business spending. Its tools make managing expenses easy for companies. This matches MakeMyTrip’s focus on creating smooth travel experiences. By combining their strengths, the two aim to set new standards for corporate travel in India.
Why Happay Fits MakeMyTrip
Happay’s software helps businesses streamline spending and manage reimbursements. These tools can save time and improve accuracy for companies. That expertise will now come in handy in achieving MakeMyTrip’s new business of becoming the preferred corporate travel and expense management platform.
Currently MakeMyTrip has been holding brands like Goibibo and RedBus. These are the leading platforms on travel booking and complementary services. Revenue of MakeMyTrip also were up 24% in the second quarter of this year. It also boosted its profits to $17.9 million up from $2 million reported the previous year.
Adding Happay to its services will help MakeMyTrip offer a complete package. Corporate clients will benefit from tools that combine travel planning with expense tracking.
Deal Expected to Close Soon
The MakeMyTrip acquisition of Happay Expense is expected to close within 90 days. Both startups are working hard to ensure a smooth transition. This quick timeline shows their readiness to move forward. The deal will allow both businesses to focus on their key strengths.
CRED’s founder, Kunal Shah, expressed confidence in this decision. He said that splitting Happay’s operations will help both teams perform better. Happay’s expense management business will now align with MakeMyTrip. Its payments team, however, will stay with CRED. This division will allow both companies to scale in their respective areas.
Kunal Shah emphasized that Happay will benefit greatly from MakeMyTrip’s expertise in corporate travel. The integration will help Happay grow and serve more clients effectively.
The Next Chapter
The MakeMyTrip acquisition of Happay Expense will change how corporate travel and expenses are managed in India. Happay’s tools will make MakeMyTrip stronger in this area. Businesses using their services may find it easier to manage trips and track spending.
This deal could set new benchmarks for the industry. Will it make MakeMyTrip the leader in corporate travel and expense management? Many believe it will.
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