Cred had acquired Bengaluru-based startup Happay in 2021 in a cash-and-stock deal worth $180 million.
Under the arrangement, the Happay brand along with its expense management business and the vertical’s dedicated team will join MakeMyTrip, the company said in a news release Monday.
Cred will retain the payments business of Happay, which has close to half of Happay’s 240 employees, people in the know said.
Financial terms of the deal and the exact structuring of the teams were not officially disclosed.
“Broadly the Happay business has two divisions. The payments division stays with Cred and the travel and expense management side goes to MakeMyTrip,” said a person in the know. “The deal details are confidential and some of the details will get…
