BackMakeMyTrip arm acquires BookMyForex
MakeMyTrip will leverage BookMyForex’s network partners, including banks and reputed currency exchange companies, to meet forex requirements of its customers
PremiumNEW DELHI: TripMoney, the fintech arm of MakeMyTrip, has bought a majority stake in online foreign exchange services provider, BookMyForex. The investment entails multiple benefits, including the ability to discover best available exchange rates, home delivery of forex across multiple cities for customers of MakeMyTrip and GoIbibo.
MakeMyTrip will leverage BookMyForex’s network partners, including banks and reputed currency exchange companies, to meet forex requirements of its customers.
“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 CEO, 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 in a statement.
“The investment from TripMoney comes at an opportune time, as the world warms up to international travel. 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 the consumers," said Sudarshan Motwani, CEO, BookMyForex.
“BookMyForex has established itself as the leading online foreign exchange platform in India and the partnership with MMT 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," said Aditya Parekh, managing director at Faering Capital.
With forex reserves at $608.99 billion as on 25 June 2021, India was the fifth largest foreign exchange reserves holder in the world after China, Japan, Switzerland, and Russia, as per a government statement.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
