CRED to buy business expense mgmt platform Happay for $180-M

CRED, a credit card bill payments platform, is to acquire fellow Bengaluru-based corporate expense management company Happay in a cash and stock deal worth USD 180 million. The acquisition will allow CRED to enter the enterprise spending space. Post deal, Happay will operate as a separate entity. Its 230-member team will get all the benefits extended to CRED team members, including its ESOP programme. Founded in 2012 by Varun Rathi and Anshul Rai, Happay is a business expense, payments and travel management platform serving over 6,000 businesses. It manages work-related expenses for over one million users globally with about USD 1 billion in annual spends.