Total amount raised
$21.5 Millions
Latest funding date
01/01/2020
Location
Happay has successfully raised significant funding over multiple rounds, culminating in its acquisition by CRED for $180 million. The platform offers comprehensive solutions for business expense management, including features like expense tracking, travel management, and prepaid cards.
Keep reading to explore the intricacies of Happay's fundraising journey and the investors backing this innovative platform.
What Is Happay?
Happay, founded in 2012 by Anshul Rai and Varun Rathi, is headquartered in Whitefield, Karnataka, India. The company specializes in AI-powered business expense management software, automating processes for corporate spending, reimbursements, and travel management.
Happay offers a range of products including Expense Management, Self Booking Tool (SBT), EPIC Credit Cards, Prepaid Cards, Xpendite, and SmartAudit. These tools are designed to simplify and streamline expense reporting, travel booking, and corporate payments.
With a workforce of 251-500 employees, Happay has established itself as a leading provider of travel, expense, and payment management solutions in India, ensuring compliance and reducing manual effort for enterprises.
How Much Funding Has Happay Raised?
- Seed Round
- Amount Raised: $20K
- Date: July 2013
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of their initial product offerings.
- Seed Round
- Amount Raised: $500K
- Date: December 2013
- Lead Investors: Prime Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their team and accelerate product development.
- Seed Round
- Amount Raised: ₹31M
- Date: April 2015
- Lead Investors: Prime Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance their expense management platform.
- Series A
- Amount Raised: $7.2M
- Date: July 2015
- Lead Investors: Prime Venture Partners, Sequoia Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and improve product features.
- Series B
- Amount Raised: $10.1M
- Date: December 2017
- Lead Investors: Sequoia Capital
- Valuation at Round: $53-55M
- Motivation Behind the Round: To support growth and enhance their AI capabilities.
- Series B
- Amount Raised: ₹16M
- Date: February 2018
- Lead Investors: Sequoia Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop their product suite and expand their customer base.
- Venture Round
- Amount Raised: ₹207.7M
- Date: May 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fuel expansion and innovation in their expense management solutions.
- Debt Financing
- Amount Raised: Not publicly disclosed
- Date: January 2020
- Lead Investors: Alteria Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To manage cash flow and support ongoing operations.
- Series B
- Amount Raised: Not publicly disclosed
- Date: January 2020
- Lead Investors: Alteria Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling their business and enhance their technological infrastructure.
Total Amount Raised: $17.82M + ₹254.7M
Current Valuation: Not publicly disclosed
Key Investors
- Alteria Capital
- Details: Alteria Capital is a venture debt fund that provides loans to high-growth startups. They focus on supporting companies with strong growth potential.
- Investment Focus Areas: High-growth startups.
- Notable Investments: Lendingkart, Dunzo.
- Prime Venture Partners
- Details: Prime Venture Partners is an early-stage venture capital firm that focuses on disruptive technology startups. They have been instrumental in the growth of several successful companies.
- Investment Focus Areas: Disruptive technology startups.
- Notable Investments: MyGate, Quizizz.
- Sequoia Capital India
- Details: Sequoia Capital India is a leading venture capital firm that invests in technology and healthcare sectors. They have a strong track record of backing successful startups.
- Investment Focus Areas: Technology, healthcare.
- Notable Investments: Byju's, Zomato.
- AME Cloud Ventures
- Details: AME Cloud Ventures is a venture capital firm led by Yahoo co-founder Jerry Yang. They focus on seed to later-stage companies with innovative solutions.
- Investment Focus Areas: Seed to later-stage companies.
- Notable Investments: Not specified.
- Axiom Capital
- Details: Axiom Capital is a private equity firm that invests in various sectors. They have participated in multiple funding rounds for Happay.
- Investment Focus Areas: Various sectors.
- Notable Investments: Not specified.
What's Next for Happay?
Happay stands at the cusp of significant growth opportunities, driven by the increasing demand for streamlined financial operations in enterprises. The company is poised to expand its expense management solutions, potentially integrating with more accounting software and developing new features like international travel cards. This market is substantial, as evidenced by the nearly three-fold rise in gross revenues to Rs 10.09 crore in the financial year 2016-17.
Given the consistent interest from prominent investors like Sequoia Capital and Axiom Capital, Happay is well-positioned for future fundraising. The company's growth trajectory and expanding product offerings make it an attractive candidate for further investment rounds. However, challenges such as competition from other fintech startups and managing operational costs could pose hurdles. Balancing rapid growth with sustainable financial health will be crucial for Happay's continued success.
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