Happay, a business expense management solutions provider that Kunal Shah’s CRED acquired in 2021, reportedly laid off around 150 employees last week as part of a restructuring exercise.
According to sources, the company eliminated positions from the product, operations, and marketing teams. Three months’ pay and health insurance have been given as severance for the laid-off employees.
“With professional expenses forming a significant portion of credit card spends, bringing professional expense management into the CRED ecosystem is a natural extension of our proposition,” Kunal Shah, founder, CRED, had said in a statement during the acquisition.
Happay was founded by entrepreneurs Anshul Rai and Varun Rathi in 2012. The startup provides business expense management solutions. It was acquired by CRED in 2021 for a whopping $180 million.
While Happay was a separate entity, the team closely collaborated with CRED leadership to take advantage of its ecosystem, build distribution, expand the product offering, and drive scale.