CRED is Looking to Acquire Happay

1
CRED is Looking to Acquire Happay
Cred Startup Acquisition News Kunal Shah's CRED
appears to be aggressively buying
businesses -- a tactic it has stayed away
from during 2 years following the company's
inception. CRED is currently at the point of
purchasing Happay, the expense management
firm. Both companies were in discussions over the
last couple of months and the conditions of the
deal are now in place, according to two sources
familiar with specifics of the transaction. Happay
is the second acquisition for CRED following
HipBar which was an alcohol delivery business it
acquired in October. CRED could also be in talks
to buy Times Internet's Dineout as well as
Rainmatter's debt investing platform WintWealth.
But the talks are still in their early stages and
the Bengaluru-based firm is still waiting to
confirm the talks. In the case of Happay it
offers companies with expense management to
manage tax and travel advantages for
employees. Happay offers customized solutions for
large corporations that have multiple branches as
well as logistic companies with a surface. You
may also like Pepperfry Receives 10 Million in
Debt
2
The company, which has been in operation for a
decade, also allows large companies to issue
credit and prepaid cards as well as manage
expenses for employees between 800 and 900k. They
are employed by 6,000 businesses which includes
100 large companies. At the time of writing,
Happay has raised 22-25 million through various
financing rounds. Based on TechCircle's estimates
the company was valued at 60 million during its
Series B funding round of the year 2019. If CRED
buys Happay within the range above this will
result in an attractive exit for Happay's
shareholders. Although Happay is still waiting to
file its annual financial statements for FY21,
its operating revenues grew by 49 to 37.55 crore
in FY20 , up from the 25.12 crore during FY19.
The company's losses in FY20 increased 95 to
49.20 crore. Also read Setu Records Rs 3 Cr
Revenue in Fy21 Even as Losses Climb to Rs 19
Cr This year has been an incredible one for CRED
in terms of the amount of money that was raised.
CRED raked in 466 million in 2021 , and will
soon become a part of Razorpay and Meesho which
are in talks to secure new rounds that have
valuations exceeding 5 billion. Entrackr
has exclusive news about CRED's upcoming round
that would be worth the company's three-year-old
status at more than 5.5 billion.