MakeMyTrip’s fintech unit TripMoney buys a majority share in BookMyForex
5 April 2022
MakeMyTrip said it will use the extensive network of BookMyForex’s partners to meet customers’ forex needs in multiple cities across India.
Following this investment, BookMyForex’s services will be made available to MakeMyTrip and Goibibo customers.
MakeMyTrip’s fintech unit arm TripMoney announced on Tuesday that it has acquired a majority stake in online foreign currency exchange services provider BookMyForex for an undisclosed sum in order to become a one-stop solution for all forex needs of Indian travelers.
According to TripMoney, BookMyForex’s services include currency exchange with real-time exchange rates, multi-currency prepaid forex cards, cross-border remittances, and other ancillary products.
To meet the forex needs of customers in multiple cities across India, the company will leverage the extensive network of BookMyForex’s partners, which includes select banks and reputable exchange companies.
“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 MakeMyTrip co-founder and Group CEO Rajesh Magow. We look forward to collaborating closely with BookMyForex’s leadership to help accelerate the growth of outbound travellers buying forex online by offering the services to millions of visitors on the MakeMyTrip and Goibibo booking platforms.”
“We are delighted to welcome MakeMyTrip fintech unit as a shareholder in the company,” said Faering Capital Managing Director Aditya Parekh. BookMyForex has established itself as India’s leading online foreign exchange platform, and the collaboration with MMT will provide customers with a superior user experience across a wide range of services, from ticket booking to forex. We are excited to collaborate with MakeMyTrip and the BookMyForex team on the next stage of the company’s growth.”
MakeMyTrip owns and operates online brands such as MakeMyTrip, Goibibo, and redBus, providing services and products such as air ticketing, hotel and alternative accommodations bookings, holiday planning and packaging, rail ticketing, bus ticketing, car hire, and ancillary travel requirements such as facilitating access to third-party travel insurance and visa processing.
BookMyForex uses a hybrid model in which we execute the majority of forex pre-paid travel card orders while also utilizing a network of banks and reputable money changers for cross-border payments, foreign currency bank notes, and international SIM cards, among other things.
Faering Capital is a leading Indian private equity firm with extensive experience and a track record of success. Aditya Parekh and Sameer Shroff founded the firm, which manages USD 600 million in capital across three funds.
