· 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 28, 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.
Corporate Comm India(CCI Newswire)
