· Planning to invest INR 150 Crore to bring more than 10,000 SME’s on Happay platform by FY 2019.
· Happay touched the landmark of 1500 clients & had an exponential growth of 350% in FY’16.
· With a large customer base on the rise, Happay might look at geographical expansion in near future.
· Happay currently holds 50% of the market shares in the SME segment, and is working on product extensions to retain the same.
Bangalore, October 25th, 2016 – Happay – A Bangalore-based leading Expense Management Company has successfully crossed the Gross Transaction Value of INR 400 Crore a year and plans to double it (800 Cr.) by FY 2017. The company is looking to broaden its customer base with an investment of INR 150 Crore to add more than 10,000 SME’s on its platform by FY 2019. Happay has experienced a speedy expansion of 350% in comparison to its operations of last year having grown its customer base to 1500 registered SME’s in more than 170 cities.
At present, the company is focused on the automation of the conventional system of Employee Expense management, Vendor payments, Opex expenses, Salary disbursement & Petty cash payments through web & mobile app-enabled interfaces. Happay is offering additional features to emerge as a 360 degree spend management solution provider to assist enterprises to become more compliant with IFC, Expense & Tax Audits.
When asked about the customer acquisition strategy, Varun Rathi, COO & Co-founder of Happay said “We provide exceptional services to our customers round the clock & hence they are our biggest brand ambassadors. A significant percentage of new acquisitions happen through referrals and word of mouth.
We are onboarding 4-5 new customers every day and are optimistic of scaling the numbers by more than double with our multi-channel acquisition strategy comprising of strong customer support, multi-city presence on field, Digital marketing, Inbound marketing and partnerships with prominent SME facilitators"
Anshul Rai, CEO & Co-founder of Happay said “Happay’s backbone is the powerful technology & the seamless business integration capability that ensures we are geared up for multi-fold growth. Currently, Happay is being used by companies to manage employee expenses & reimbursements, largely but soon enough, our clients will be able to use it for all kinds of business spend. So, companies will be able to track & manage every single Rupee that goes out of their bank account.”
According to software industry body, Nasscom, the Indian fintech software market is set to spiral upwards from its current $1.2 billion to $2.4 billion by the year 2020., According to a report by KPMG, the transaction value for the Indian fintech sector, estimated at approximately $33 billion this year is anticipated to reach $73 billion in 2020, growing at a five-year compound annual rate of 22%.
The current addressable market consists of over 3.5 million SMBs and Large Enterprises, a very underserved market which has resulted in a huge gap. Happay is currently the leader in “card bases expense management solution” and aims to maintain more than 50% of the market share.
Happay is India's leading Fin-Tech Company that offers expense management solution for companies. The company’s core vision is to provide end-to-end payment solution for corporates in simple, fast and secured way. Happay’s revolutionary platform has been instrumental in automating the age-old system of Employee expense management, Vendor payments, Opex expenses, Salary disbursement & Petty Cash Payments through its unique web & mobile app-enabled interfaces.
Since inception, Happay has been the recipient of more than 15 prestigious awards - from being acclaimed as “Nasscom’s Top 10 start-ups" to emerging as the "Best prepaid card product" at IAMAI Awards.
In a short span of time, Happay has established a strong foot-hold in more than 1500 SMEs and Enterprises, across more than 30 verticals which range from Hospitality, Education, Manufacturing and Hyper local to Consulting & NGOs. Till date, Happay’s clientele have been able to successfully avail of its automated services and are able to manage all their monetary operations seamlessly using data analytics effectively.
Happay has its presence in all metros and major cities in India. For more details, please visit www.happay.in
Making digital payments a happy experience’ is the mantra for the FinTech startup ‘HAPPAY’ started by IIT-Kharagpur alumni, Varun Rathi and Anshul Rai in 2012.
Happay was founded on the premise of offering a totally automated business spends management solution to SMEs. What started as a B2C evolved into a B2B platform providing a single centralized platform optimizing reimbursement cycles.
From time immemorial, the workflow of the business spends has been sluggish, broken & inefficient across companies resulting in a delay of operations and disheartened employees. Happay forayed into the FinTech space to change the landscape with a first-of-its-kind business spends management solution which takes care of every kind of business spends i.e. i) Employee adhoc expenses (T&E)
ii) Vendor Payments iii) Operational Expenses iv) Salary disbursements.
The foremost issues with the age-old spend management process entailed:
Business Spends were made in cash
Productive time spent by employees in creating expense reports, manually
Reconciliation processes involved manual inspection of all receipts & spreadsheets
Management was clueless about expenses being incurred and were unable to wield control over the same
Absence of a single uniform product to suit every industry/size of business
Absence of an end-to-end payment integration.
Some of the notable awards include:
Name of the award Year
Winner of IAMAI Digital Awards for the Best Prepaid Card (2016) January 2016
Winner of Nasscom’s Top 10 hottest start-ups October 2015
Recognised by NDTV as one of the top 5 startups to watch out for 2014
“Happay has made life really easy. Petty cash funds don’t need to be kept in a safe. They can be added to Happay cards as and when required. The employee spends with the Happay cards, takes a picture of the bill and uploads it.”
Raghav Verma, Cofounder, Chaayos
“Happay has provided legitimacy to the transactions in the books. It has also helped our company to get in the practice of collecting bills and maintaining them”.
Ajay Nemani, Founder, Sherwoods