MakeMyTrip Limited (NASDAQ:MMYT) shares are trading higher premarket on Monday after the company inked a Business Transfer Agreement to acquire the Happay Expense Management Platform from CRED for an undisclosed amount.
This acquisition strengthens MakeMyTrip's position as a comprehensive solution provider for corporate travel and expense management.
The transaction is expected to close within 90 days, pending closing conditions.
Happay's team will continue supporting its current clients and collaborate closely with MakeMyTrip's corporate travel services team.
Rajesh Magow, Co-Founder and Group CEO, MakeMyTrip, added, "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."
Kunal Shah, Founder, CRED, said, "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."
Investors can gain exposure to the stock via INQQ The India Internet ETF (NYSE:INQQ) and FMQQ The Next Frontier Internet ETF (NYSE:FMQQ).
Price Action: MMYT shares are up 0.99% at $98.50 premarket at the last check Monday.
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