Comments
TripMoney, MakeMyTrip’s fintech arm, has acquired a majority stake in BookMyForex – an online foreign currency exchange services provider – for an undisclosed sum. The acquisition comes as a part of its strategy to be a one-stop solution for all forex needs.
With this investment, BookMyForex’s suite of services, which include currency exchange (that offers real-time exchange rate), multi-currency prepaid forex cards, cross border remittances and other ancillary products will be rolled out for across both, MakeMyTrip and Goibibo.
The platform, considered to be India’s first tech initiative in the foreign exchange domain and the market leader in the online retail forex space, has partnered with select banks and other exchange companies with services being available across multiple cities. It also allows home delivery of forex.
“The acquisition 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, in a statement. Private equity firm Faering Capital, and founders and promoters — Nitin Motwani and Sudarshan Motwani — will continue to stay invested in BookMyForex, the statement added.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.