Private Equity Fund Investments
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.
From the Venture Intelligence PE-VC Deal Database: Between Jan-14 and May-19, Happay raised nearly $23-M from Greyhound Capital, AME Cloud Ventures, Sequoia Capital India, Prime Venture Partners, and others. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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