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MakeMyTrip acquires foreign exchange services provider BookMyForex
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SME Times News Bureau | 05 Apr, 2022
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.
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