MakeMyTrip to acquire Happay Expense management platform

Online travel company MakeMyTrip on Monday said it has inked a pact to acquire Happay Expense Management platform from fintech company CRED.

The acquisition reinforces MakeMyTrip's commitment to becoming the go-to platform for comprehensive corporate travel and expense management solutions, it said in a statement.

The company, however, did not disclose the financial details. Happay is a leading player in expense management, with capabilities in product development, data-driven insights, and scalable solutions.

Under the agreement, Happay brand, its expense management business, and its dedicated team will transition to MakeMyTrip.

"The acquisition of Happay's brand and expense management platform is a natural next step in our strategy to lead this space," MakeMyTrip Co-Founder and Group CEO Rajesh Magow said.

By integrating Happay's expertise, which spans over 900 corporate clients, MakeMyTrip is set to redefine the benchmarks once again in corporate travel and expense management in India, he added.

The transaction is expected to close within the next 90 days, subject to conditions. "Our focus at CRED is on developing products that enable financial progress.

By enabling each vertical to play to its strengths, we're positioning both teams - who've built market-leading products and capabilities - to scale in their domains," CRED Founder Kunal Shah said.