Nasdaq-listed online travel aggregator MakeMyTrip Monday said it has agreed to buy the expense management business from fintech unicorn Cred-owned Happay.
As a part of the agreement, Happay brand, its expense management business, and its dedicated team will transition to MakeMyTrip. Meanwhile, Happay’s payments business and team, which has focused on developing a technology stack and business payments products, will remain with CRED.
The latest deal comes about three years after Kunal Shah-led Cred announced its plans to buy Happay in December 2021, in a bid to diversify its offerings. The deal, a mix of cash and stock, valued Happay at about $180 million (about Rs 1,500 crore).
While MakeMyTrip did not share more details about the deal, Cred declined to comment.
“Our focus at Cred is on developing products that enable financial progress,” Shah said in a statement. “By enabling each vertical to play…
