MakeMyTrip’s fintech unit, TripMoney, has acquired a majority stake in online foreign exchange services provider, BookMyForex.
MakeMy Trip, however, did not disclose the size of the deal.
The investment enables multiple benefits including the ability to discover best available exchange rates, home delivery of forex in multiple cities for consumers of travel services firms MakeMyTrip and GoIbibo.
The company will leverage BookMyForex’s network partners including banks and reputed exchange companies to fulfil forex requirements of customers in multiple 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 CEO, MakeMyTrip. Private equity firm Faering Capital as well as founders and promoters Nitin Motwani and Sudarshan Motwani will continue to stay invested in BookMyForex, said the company in a statement. “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. This journey would not have been possible without unwavering support from Faering Capital,” said Nitin Motwani.
“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,” he added.
Aditya Parekh, Managing Director at Faering Capital said that they were delighted to welcome MakeMyTrip as a shareholder in the company. “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,” he added.
According to information provided by Ministry of Finance released by the Press Information Bureau, India emerged as fifth largest forex reserves holder in the world with $608.99 billion as on June 25, 2021.
With the country’s forex reserves at $608.99 billion as on June 25, 2021 stood, India has emerged as the fifth largest foreign exchange reserves holder in the world after China, Japan, Switzerland and Russia.