As India reopened international travel last month after two years of the pandemic, MakeMyTrip's fintech arm TripMoney on Tuesday said it has acquired a majority stake in BookMyForex, India's leading online foreign currency exchange services provider, for an undisclosed sum.
With this move, 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 soon be available for MakeMyTrip and Goibibo customers.
"The acquisition of a majority stake in BookMyForex is in line with our strategic vision to build a travel super app offering a complete suite of services for the discerning traveller," said Rajesh Magow, Co-Founder and Group CEO of MakeMyTrip.
The leading online travel platform will also leverage the network of BookMyForex's partners, including select banks and reputed exchange companies, to fulfil forex requirements of customers in multiple cities across the country.
"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," said Sudarshan Motwani, CEO of BookMyForex.
Leading private equity firm Faering Capital as well as founders and promoters – Nitin Motwani and Sudarshan Motwani — will continue to stay invested in BookMyForex.
"We are delighted to welcome MakeMyTrip as a shareholder in the company," said Aditya Parekh, Managing Director at Faering Capital.
BookMyForex is India's first tech initiative in the foreign exchange domain and the market leader in the online retail forex space.
MakeMyTrip last month forayed into the world of non-fungible tokens (NFTs) to celebrate the popular as well as unexplored travel landscapes in the country.20220405-160406