MakeMyTrip, the Indian travel and hospitality aggregator, has announced its decision to acquire the expense management platform Happay from fintech company CRED.
The announcement, made on Monday, indicates that Happay’s expense management operations and team will be integrated into MakeMyTrip, while its payments division will continue to operate under CRED. The financial details of the transaction have not been disclosed.
CRED previously acquired Happay for $180 million in late 2021 and will maintain ownership of Happay’s B2B payments technology stack, which recently introduced solutions on Bharat Connect.
This acquisition aims to enhance MakeMyTrip’s corporate travel services, which currently cater to 59,000 small and medium-sized enterprises through its MyBiz platform, as well as 450 large corporations via Quest2Travel.
The deal is expected to be finalized within 90 days, allowing for the integration of Happay’s extensive experience serving 900 corporate clients with MakeMyTrip’s travel offerings.