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MakeMyTrip to acquire Happay from CRED

EntrackrEntrackr · 7m ago
MakeMyTrip to acquire Happay from CRED
Medial

Online travel company MakeMyTrip has signed a business transfer agreement to acquire Happay Expense Management Platform from CRED. Happay was acquired by CRED in late 2021 in a deal worth $180 million. Entrackr exclusively reported the acquisition at that time. Happay provides expense management for corporates to manage travel and tax benefits for their employees. The company offers specialized solutions for large businesses with multiple branches and surface logistics companies. Under the new agreement, the Happay brand, its expense management business, and its dedicated team will transition to MakeMyTrip. The transaction is expected to close within the next 90 days, subject to closing conditions. According to the press release, Happay’s team will continue to support the existing client base while working in close partnership with MakeMyTrip’s corporate travel services team. “The acquisition of Happay’s brand and expense management platform is a natural next step in our strategy to lead this space. 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,” said Rajesh Magow, co-founder and Group CEO, MakeMyTrip. Happay’s payments business and team, which has focused on developing an innovative technology stack and business payments products, will remain with CRED. Most recently, this vertical launched B2B payment solutions on Bharat Connect in partnership with NPCI. “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. I’m excited about the payments team’s opportunity to transform the B2B payments experience into one that’s frictionless, reliable, and one that’s set for rapid growth,” said Kunal Shah, founder, CRED. MakeMyTrip claims to serve more than 59,000 corporate clients via MyBiz (a platform for small and medium-sized corporates) and more than 450 large corporates through Quest2Travel (a platform suited for large enterprises). MakeMyTrip, listed on the Nasdaq, reported a revenue of $211 million for the second quarter of this fiscal year, a 24.3% increase compared to the same quarter in the previous fiscal year. For the quarter ending September 30, 2024, the company posted a profit of $17.9 million, up from $2 million in the second quarter of fiscal year 2024. While details on the value of the deal are not available yet, the fact that CRED has retained the payments business indicates the strategic nature of the hive off. But it seems safe to say that CRED will be taking a write off on the deal, with only the quantum to be figured out. Nothing wrong in a change of plans, and with the frenetic pace CRED had set until recently, perhaps an expected outcome for some of its moves.

CRED’s competitor CheQ secures $4.5 Mn

EntrackrEntrackr · 1y ago
CRED’s competitor CheQ secures $4.5 Mn
Medial

B2B credit management platform CheQ has raised Rs 35 crore or $4.2 million in its extended seed round from new and existing investors. The funding for the Bengaluru-based firm came after a gap of 18 months. The board at CheQ has passed a special resolution to issue 12,952 Seed1 cumulative convertible preference shares at an issue price of Rs 26,989 each to raise Rs 35 crore, its regulatory filing accessed from the Registrar of Companies (RoC) shows. 3one4 Capital invested Rs 12.49 crore while Venture Highway Fund and Multiply Ventures pumped in 6.24 crore and 2.08 crore, respectively. Individual investors including Lloyd Dizon Balajadia, Madhav Prakash Sehth, Vishal Gupta, and Deepk Tuli have collectively put in Rs 14.2 crore. As per filings, the company will use these funds for growth, expansion, marketing, and general corporate purposes as decided by the board. In June 2022, CheQ raised $10 million in Seed funding led by Venture Highway and 3one4 Capital. Following the fresh proceeds, 3one4 Capital holds 10.95% of the company while Venture Highway and Multiply Ventures command 11.45% and 2.49% respectively. It’s worth noting that these holdings exclude employee stock options and the firm’s cap table when we factor in the ESOP pool component. According to the startup data intelligence platform TheKredible, the company has been valued at around Rs 451 crore or $55 million (post-money) in the new funding round. Founded in 2022 by Aditya Soni, CheQ helps customers simplify the discovery and management of all credit products and allows you to pay your credit card bill, and EMI on a single platform. The startup has raised $15 million to date including its $10 million seed round led by Venture Highway and 3one4 Capital in June 2022. CheQ remained a pre-revenue stage firm with a revenue of only Rs 2 crore during the fiscal year ended March 2023. However, the losses for the three-year-old firm stood at Rs 19.4 crore in the same period. CheQ competes with fintech unicorn CRED which has secured around $1 billion to date and was valued at $6.4 billion in its last fundraise. According to the startup data intelligence platform TheKredibe, it posted Rs 1,400 crore in revenue with a loss of Rs 1,347 crore during FY23.

VCs double down on fintech Coast, which aims to be the Brex for 'real-world' industries VCs double down on fintech Coast, the 'Brex for real-world industries'

TechCrunchTechCrunch · 1y ago
VCs double down on fintech Coast, which aims to be the Brex for 'real-world' industries VCs double down on fintech Coast, the 'Brex for real-world industries'
Medial

Coast, a fintech startup focused on expense management for businesses with fleet operations, has raised $25 million in equity funding and $67 million in debt financing. The company offers an expense management software and a commercial charge card designed for fleet operators in industries such as trucking, plumbing, and delivery services. Coast's platform provides detailed visibility into employees' spending, integrates with fleet management software, and offers real-time data on vehicle status and location. The funding will be used to expand Coast's capabilities and financial product offerings to fleet operators.

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