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In Brief
Posted:
3:10 AM PST · November 18, 2024
Image Credits:CRED
MakeMyTrip, India’s largest online travel company, has agreed to acquire the expense management platform Happay from fintech CRED.
The deal, announced on Monday, will see Happay’s expense management business and team transition to MakeMyTrip, while the payments division will remain at CRED. The financial terms were not disclosed and couldn’t be immediately learned.
CRED, which had acquired Happay in a $180 million deal in late 2021, will also retain the B2B payments technology stack that recently launched solutions on Bharat Connect with NPCI.
The deal is aimed at bolstering MakeMyTrip’s corporate travel offerings, which already serve 59,000 small and medium-sized businesses through its MyBiz platform and 450 large enterprises via Quest2Travel.
The transaction, expected to close within 90 days, will integrate Happay’s expertise serving 900 corporate clients with MakeMyTrip’s travel services, strengthening its position in India’s growing corporate travel sector.
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