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<ul><li>The acquisition will allow <keyword id="1763236" type="General" weightage="20" keywordseo="cred" source="Orion">CRED</keyword> to enter the enterprise spending space.</li><li>Professional expense management was a natural proposition for CRED, says CEO <keyword id="192201" type="General" weightage="20" keywordseo="kunal-shah" source="Orion">Kunal Shah</keyword>.</li><li><keyword id="2738808" type="General" weightage="20" keywordseo="happay" source="Orion">Happay</keyword> manages work-related expenses for over 1 million users globally with approximately $1 billion in annual spends.</li></ul>Kunal Shah-led credit cards payment company CRED will be acquiring corporate expense company Happay for a cash and stock deal worth $180 million. The acquisition will allow CRED to enter the enterprise spending space. “While Happay will operate as a separate entity, the team will work closely with CRED leadership to leverage its ecosystem, build distribution, expand the product offering and drive scale,” CRED said in a press note. Shah, in the media statement, added that CRED has been able to grow rapidly in the last three years by solving the pain of credit card management. He added that now, professional expense management was a natural proposition for the company. 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 1 million users globally with approximately $1 billion in annual spends. The company creates 3 million expense reports annually and counts TATA Grow, PwC, Maruti, OYO, Byjus and hundreds of larger enterprises as its customers. “Happay software stack and in-house payment engine, along with its ease of use, will complement the card management experience that CRED members enjoy for their personal expenses. It is the only unified platform that automates the spend management workflow, a trend that is set to explode in a contactless, paperless world, while ensuring compliance and visibility with an end-to-end audit trail,” the company said. In October 2021, CRED had acquired alcohol delivery startup <keyword id="4335663" type="General" weightage="20" keywordseo="hipbar" source="Orion">HipBar</keyword> in order to foray into the wallet payments business with the prepaid payment instrument licence held by the company. Though the details of the transactions are still unknown, Kunal Shah <a href="https://timesofindia.indiatimes.com/business/india-business/cred-acquires-liquor-delivery-app-hipbar/articleshow/87193580.cms">reportedly</a> joined as the director of Hipbar post this acquisition. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/tega-industries-ipo-opens-today-and-gmp-at-310/articleshow/88017369.cms">Tega Industries’ ₹600 crore IPO opens today; GMP at ₹310</a> <a href="https://www.businessinsider.in/science/news/high-speed-space-junk-risk-prompts-nasa-to-abruptly-delay-spacewalk-on-the-international-space-station/articleshow/88018185.cms">High-speed space junk risk prompts NASA to abruptly delay spacewalk on the International Space Station</a> <a href="https://www.businessinsider.in/science/health/news/pfizers-top-scientist-mikael-dolsten-tells-us-the-2-factors-that-will-determine-if-omicron-is-a-true-threat-and-shares-pfizers-worst-case-scenario-plan/articleshow/88017388.cms">Pfizer's top scientist, Mikael Dolsten, tells us the 2 factors that will determine if Omicron is a true threat and shares Pfizer's worst-case-scenario plan</a>

Kunal Shah’s CRED has spent $180 million to acquire Happay, a corporate expense manager for Byju’s, OYO and more

<ul><li><keyword id="1763236" type="General" weightage="100" keywordseo="cred" source="Orion">CRED</keyword> said that it will acquire SaaS startup <keyword id="1561651" type="General" weightage="80" keywordseo="creditvidya" source="Orion">CreditVidya</keyword> in a stock-and-cash deal. </li><li>The two organisations will work independently, but CRED will offer benefits, including stock options, to CreditVidya’s team members. </li><li>Earlier in 2021, CRED also acquired liquor delivery app HipBar and expense management platform Happay. </li></ul>Bengaluru-based fintech <keyword id="152045" type="General" weightage="20" keywordseo="unicorn" source="Orion">unicorn</keyword> CRED said on Tuesday that it will acquire CreditVidya, a Hyderabad based SaaS company, in a cash and stock deal. The companies have not disclosed the value of the transaction. “We’ve invested in building category-defining products that bring financial services to credit under-served Indians through our partners, transforming how risk is assessed and trust measured to drive financial inclusion,” said Abhishek Agarwal, co-founder &amp; CEO, CreditVidya. The closure of the <keyword id="30334" type="General" weightage="20" keywordseo="acquisition" source="Orion">acquisition</keyword> is subject to requisite approvals. CreditVidya offers a lending-as-a-service platform, and is valued at <a href="https://techcrunch.com/2022/11/29/cred-acquires-creditvidya/?guccounter=1&amp;guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&amp;guce_referrer_sig=AQAAAIEqG4ol0n6HJIq1C2xkwEeKGCvQPWkytEMXW9DgRmzH7XMV8L4luW_sL41qqIwizKXU4d6_-KdAE8eidDEcpsbiYfF2-lA-sOf2Vn9WxamhRmqzBYtTFCmuk9VpBpwD6El0gD06mreob9RAnrSAMk78jehxg2haAivSmwTUD7Dj">about $30 million post-money</a>. It enables lenders to assess a loan applicants’ creditworthiness. Many of the applicants it processes are first-time borrowers. Founded in 2018, CRED, which went viral for its out-of-the-box advertisements, stated that the two organisations will continue to work independently. It will also offer its ESOP programme and other benefits to CreditVidya’s 200-plus team members. “Expanding access to credit is a key driver for financial progress. CreditVidya's patented tech stack uncovers signals of trust among under-served cohorts. We look forward to supporting them in powering an inclusive credit ecosystem,” said Kunal Shah, founder, CRED. Backed by Tiger Global and Sequoia India, among others, CRED has been on an acquisition spree since October 2021, when it <a href="https://timesofindia.indiatimes.com/business/india-business/cred-acquires-liquor-delivery-app-hipbar/articleshow/87193580.cms">acquired </a>liquor delivery app HipBar, followed by expense management platform Happay in December. It also invested in lending partner LiquiLoans earlier this year. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/jio-haptik-and-cashe-partner-to-deliver-instant-credit-lines-on-whatsapp/articleshow/95859261.cms">Jio Haptik and CASHe partner to deliver instant credit lines on Whatsapp</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/recent-ipo-successes-could-lead-to-recovery-in-the-primary-market-ey/articleshow/95858664.cms">Recent IPO successes could lead to recovery in the primary market: E&amp;Y</a>

Fintech unicorn CRED to acquire SaaS startup CreditVidya

E-commerce giant Amazon and Alibaba-backed <keyword id="964794" type="COMPANY" weightage="20" keywordseo="BigBasket">BigBasket</keyword> have got approval to deliver liquor in West Bengal, according to a document. Online grocery platform BigBasket said this will be the company's first foray into the country's liquor delivery segment. The clearance also signals Amazon's entry into the space, likely for the first in India. State-owned West Bengal State Beverages Corporation Ltd (BevCo) invited the two companies to sign the agreements for empanelment for home delivery after finding them eligible, as per a notice dated June 19. BevCo, the sole wholesaler of liquor in West Bengal, also invited two Kolkata-based companies -- Senrysa Technologies Pvt Ltd and Golden Goenka Commerce Pvt Ltd for the signing of agreements. Asked when BigBasket would start operations, its CEO Hari Menon told PTI, "I cannot confirm now how soon we will start, but yes it will be the first for the company." Amazon did not comment on the approval. Food ordering platforms <keyword id="830092" type="COMPANY" weightage="20" keywordseo="Zomato">Zomato</keyword> and <keyword id="6358977" type="UNKNOWN" weightage="20" keywordseo="swiggy">Swiggy</keyword> have already started delivering alcohol in West Bengal with Kolkata and Siliguri after getting the required approvals, followed by the signing of agreements. Retailer Spencer's and HipBar have also joined the fray as the government allowed <keyword id="9025707" type="UNKNOWN" weightage="20" keywordseo="home-delivery-of-alcohol">home delivery of alcohol</keyword> to reduce footfall at stores amid the coronavirus outbreak. Another eight lesser-known companies, who expressed interest in alcohol delivery, have been asked by BevCo to demonstrate the capabilities of their platforms in executing online orders. Jharkhand was the first state in the country to allow home delivery of liquor by online platforms.

After Zomato and Swiggy, Amazon and Alibaba-backed BigBasket clearance to home deliver liquor in West Bengal

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Kunal Shah’s CRED has spent $180 million to acquire Happay, a corporate expense manager for Byju’s, OYO and more

Kritti Bhalla

Fintech unicorn CRED to acquire SaaS startup CreditVidya

Srishti Magan

After Zomato and Swiggy, Amazon and Alibaba-backed BigBasket clearance to home deliver liquor in West Bengal

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