TripMoney, MakeMyTrip’s fintech arm, has announced it has acquired a majority stake in BookMyForex, online Foreign Currency Exchange services provider, in its endeavour to become a one-stop solution for all forex needs of the Indian traveller.
With this investment, BookMyForex’s suite of services, including currency exchange that offers real-time exchange rate, multi-currency prepaid forex cards, cross border remittances as well as other ancillary products, will be rolled out soon for the benefit of MakeMyTrip and Goibibo customers. The company will leverage the extensive network of BookMyForex’s partners including select banks and reputed exchange companies to fulfil forex requirements of customers in multiple cities across India, it said in a press statement.
“The acquisition of majority stake in BookMyForex is in line with our strategic vision to build a travel super app offering complete suite of services for the discerning traveller,” said, Rajesh Magow, Co-Founder and Group CEO of MakeMyTrip Limited. “We look forward to working closely with the leadership of BookMyForex to help accelerate growth of outbound travellers buying forex online by offering the services to millions of visitors on MakeMyTrip and Goibibo booking platforms”.
Private equity firm Faering Capital as well as founders and promoters - Nitin Motwani and Sudarshan Motwani will continue to stay invested in BookMyForex, the statement added.
Commenting on the development, Sudarshan Motwani, CEO of BookMyForex, said, “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.”
Aditya Parekh, Managing Director at Faering Capital, said, “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.”
