On Monday, MakeMyTrip revealed that it had signed a Business Transfer Agreement to acquire the Happay Expense Management Platform from CRED. This strategic move highlights MakeMyTrip’s ongoing commitment to becoming the leading platform for corporate travel and expense management in India. By integrating Happay’s offerings into its portfolio, MakeMyTrip aims to provide a comprehensive solution for managing both travel and expenses for businesses.
According to Rajesh Magow, Co-Founder and Group CEO of MakeMyTrip, the acquisition aligns with the company’s strategy of continuous growth and innovation in the corporate travel sector. MakeMyTrip has outpaced industry growth in recent years by focusing on enhancing the user experience and implementing innovative solutions. By acquiring the Happay platform, which serves over 900 corporate clients, MakeMyTrip is poised to set new standards in the corporate travel and expense management market in India.
As part of the acquisition agreement, the Happay brand, its expense management business, and its dedicated team will transition to MakeMyTrip. The team will continue to support the existing client base while working closely with MakeMyTrip’s corporate travel services team. This transition aims to provide a seamless integration of both platforms, ensuring that clients experience minimal disruption.
While the Happay Expense Management Platform will be acquired by MakeMyTrip, the payments business and associated team will remain with CRED. CRED has a focus on developing technology stacks and business payment products. Recently, the payments team launched a B2B payments solution in partnership with the National Payments Corporation of India (NPCI) under the Bharat Connect initiative. Kunal Shah, Founder of CRED, stated that the company is positioning both the expense management and payments teams to scale and specialize in their respective domains. This separation allows both teams to play to their strengths and continue driving growth in their areas.
The corporate travel booking experience is undergoing a significant transformation, with a growing preference for self-service platforms that offer policy compliance, transparency, fraud control, and cost efficiencies. By integrating Happay’s platform into its operations, MakeMyTrip is well-positioned to leverage this trend and provide businesses with a streamlined and efficient experience. The move towards self-service platforms is expected to continue, as companies look for solutions that improve the overall management of corporate travel and expenses while reducing administrative burdens.
The transaction is expected to close within the next 90 days, subject to final closing conditions. MakeMyTrip anticipates that the integration of Happay’s expense management platform will further strengthen its position in the corporate travel market. With both teams working together to support existing clients and enhance product offerings, MakeMyTrip looks forward to a seamless transition and a bright future in corporate travel and expense management solutions.