new Delhi MakeMyTrip’s fintech arm, TripMoney, has bought a majority stake in online forex service provider BookMyForex. There are many benefits to investing, including the ability for consumers of travel services firms MakeMyTrip and Goibibo to find the best available exchange rates and home delivery of foreign currency across multiple cities. MakeMyTrip did not disclose the size of the deal.
The company will leverage BookMyForex’s network partners including banks and reputed exchange companies to manage the forex requirements of clients in multiple cities across the country.
Rajesh Mago, Co-Founder and Group CEO, MakeMyTrip, said, “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 discerning travellers.
Private equity firm Fairing Capital, as well as founders and promoters Nitin Motwani and Sudarshan Motwani, will remain invested in BookMyForex, the company said.
Nitin Motwani said, “BookMyForex has come a long way to become India’s preferred online forex platform, after introducing to the end consumer the idea of buying or selling retail forex products online at real time forex rates. ” “This journey would not have been possible without the unwavering support of Fairing Capital,” Motwani said.
“The investment by TripMoney comes at an opportune time, as the world gears up for international travel,” Motwani said.
“We will leverage the power of MakeMyTrip and Goibibo to scale new heights and launch industry-leading products for the benefit of consumers,” he added.
Managing Director Aditya Parekh said that Fairing Capital is delighted to welcome MakeMyTrip as a shareholder in the company.
“BookMyForex has established itself as the leading online forex platform in India and the partnership with MakeMyTrip will provide clients a superior user experience with a full range of services from ticket booking to forex. We are excited to work with the team at MakeMyTrip and BookMyForex for the next phase of the company’s growth journey.”
According to information provided by the Ministry of Finance, India has emerged as the fifth largest foreign exchange reserve holder in the world with $608.99 billion as of 25 June 2021. The top four in this category are China, Japan, Switzerland and Russia.
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