BackMakeMyTrip arm buys forex service firm BookMyForex
TripMoney will leverage BookMyForex’s network partners to manage forex requirements of Indian customers
PremiumNEW DELHI : TripMoney, MakeMyTrip’s fintech arm, has bought a majority stake in online foreign exchange services provider BookMyForex. The investment has multiple benefits, including the ability to discover best available exchange rates and home delivery of forex in multiple cities for consumers of travel services firms MakeMyTrip and GoIbibo. MakeMyTrip did not disclose the size of the deal.
The company will leverage BookMyForex’s network partners, including banks and reputed exchange companies, to manage forex requirements of customers in several cities across the country.
“The acquisition of a majority stake in the company is in line with our strategic vision to build a travel super app offering services for the discerning traveller," said Rajesh Magow, co-founder and group chief executive officer, MakeMyTrip.
Private equity firm Faering Capital, as well as founders and promoters Nitin Motwani and Sudarshan Motwani, will stay invested in BookMyForex, the company said.
“Having introduced the idea of buying or selling retail forex products online at real-time forex rates to the end consumer, BookMyForex has come a long way to becoming India’s preferred online forex platform," contended Nitin Motwani. “This journey would not have been possible without the unwavering support from Faering Capital," Motwani said.
“The investment by TripMoney comes at an opportune time, as the world warms up to international travel," Motwani said.
“We will leverage the strength of MakeMyTrip and Goibibo to scale new heights by gaining deeper geographic penetration and launch industry leading products for the benefit of consumers," he said.
Faering Capital is delighted to welcome MakeMyTrip as a shareholder in the company, said managing director Aditya Parekh.
“BookMyForex has established itself as the leading online foreign exchange platform in India and the partnership with MakeMyTrip will offer customers a superior user experience with a full range of services from ticket booking to forex. We are excited to work with MakeMyTrip and the team at BookMyForex for the next leg of the company’s growth journey," he said.
India emerged as fifth largest forex reserves holder in the world with $608.99 billion as on 25 June 2021, according to information provided by the ministry of finance. The top four in this category are China, Japan, Switzerland, and Russia.
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