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Happay Success Story
Happay Success story Company Profile is an initiative by ListMyStartUp to publish verified information on different startups and organizations. The content in this post has been approved by the organization it is based on.
Happay – Company Highlights
- Startup Name-Happay
- Website–www.happay.in
- Startup Name-Happay
- Headquarter–Bangalore
- Founder–Anshul Rai & Varun Rathi
- Sector–Application Software
- Founded–2012
- Parent Organization–VA Tech Ventures Pvt Ltd.
- Valuation–$53 Million- $55 Million (as of 2017)
Happay – Founders and Team
Managing expenses is crucial for the success of any business. However, keeping track of the expenses incurred is a cumbersome task. Bengaluru based startup Happay was founded in 2012, to take care of this very important yet complicated task. Happay is a business expense management solution that streamlines an organization’s expense workflow. It is an end-to-end solution that take cares of expense management to reporting and gives real-time visibility and control over business spending.
Happay aims to make expense management cashless, paperless and mobile by simplifying the entire expense management workflow from recording of expenses to accounting. It allows organizations to replace manual business expense management processes which are costly and cumbersome with VISA cards, that auto-record and classify expenses on mobile as well as automate expense reporting and approval.
How was Happay Started
Remembering passwords while making online transactions was one hell of a task. The co-founders came up with an idea – to become the ‘PayPal of mobile numbers’ and to make peer-to-peer (P2P) payments a happy experience. And with this very simple idea, they started Happay – short for ‘Happy + Payments,’ the company’s core belief. The company was started with a simple idea: paying someone, be it friends, family or colleagues should be as easy as sending a text message.
With this in mind, the founders built their first consumer product, the Happay mobile app- a mobile wallet that allows you to pay just about anyone, anywhere, with their mobile number. No bank account details required.
Happay – Business Model
Taking a general perspective, a consumer business is considered more lucrative in terms of ability to reach and scale, rather than a B2B model. The founders of Happay initially thought the same when they began conceptualizing the initial idea of P2P lending. The duo took a year to understand the existing payment mechanisms and the regulations which govern them, before getting their first product out in 2013.
Happay – Revenue Model
The revenue model of the consumer-facing business was not strong, the founders soon turned towards a B2B model, with the aim of helping businesses and corporates manage their expenses minutely. While loading the wallet, the company would have to choose close to 2% as payment gateway charges. So, the founders had to earn this 2% plus their profit margin from the merchants.
Happay – Funding and Investors
Happay has raised a total of $21.57 Million funding till date (Nov 2020). Its most recent funding was led by the Greyhound Capital for $3 Million in May 2019.
Happay – Competitors
In the finance management space, Happay competes with a growing number of start-ups including ItzCash-backed Finly, Bengaluru-headquartered Fyle Technologies, Gurugram-based Numberz.in, SAP Concur, Zoho Expense, and Expensify are the top competitors to Happay.
Happay – Name and Logo
Happay – short for ‘Happy + Payments,’ the company’s core belief
Happay – Revenue and Valuation
Happay reported 6x growth in gross transaction value in FY17 and processed transactions worth $372.2 Mn (INR 2400 Cr) yearly. The company clocks more than 1 Million transactions per month, worth around $31 Mn (INR 200 Cr).
Post money valuation of Happay after the funding round in 2017, Happay was valued around $53 Million – $55 Million.
It reported a threefold increase in revenue in FY17 to $1.5 Mn (INR 10.09 Cr) from $538K (INR 3.47 Cr) in the FY16. Â
Happay – Growth
Happay is currently catering to more than 5,500 businesses across the country such as Aditya Birla Retail Ltd, Health & Glow, YourStory, Subway, Ayurveda hospitals, Unnati NGO, Ibibo group, Uber, Grofers, Urban Ladder, Knowlarity Solutions, etc. The company has a workforce of more than 350 employees. Happay is serving over 40+ business verticals and claims to have over $1 Billion Yearly Gross Transaction Value.
Happay is also voted amongst the top 3 Expense Players in India as per G2 Asia Ranking
Happay – Future Plans
Currently the leader in ‘card based expense management solutions’ Happay aims to consistently maintain more than 50% of the market share. Constant innovations and client satisfaction have made Happay an indispensable product and this is only the beginning of a successful journey.
Happay – FAQs
What is Happay?
Happay is a business expense management solution that streamlines an organization’s expense workflow. It is an end-to-end solution that take cares of expense management to reporting and gives real-time visibility and control over business spending.
Who are the founders of Happay?
Anshul Rai and Varun Rathi are the founders of Happay.
How much funding has Happay raised?
Happay has raised a total of $21.57 Million funding till date (Nov 2020). Its most recent funding was led by the Greyhound Capital for $3 Million in May 2019.