BookMyForex
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| Company type | Private |
|---|---|
| Industry | Financial services |
| Founded | November 2012 |
| Founder | Sudarshan Motwani Nitin Motwani |
| Headquarters | , |
Area served | India |
Key people | Sudarshan Motwani (CEO) Nitin Motwani (CTO) |
| Parent | MakeMyTrip |
BookMyForex is an online retail foreign exchange platform headquartered in Gurgaon, India.[1] The company was started in 2012 and is a subsidiary of MakeMyTrip in 2022.[2] It operates in Delhi, Hyderabad, Mumbai, and Bangalore.[3]
History[edit]
Sudarshan Motwani,[4][5] along with his son Nitin Motwani, co-founded BookMyForex in November 2012.[6][7] Prior to this, he served in the banking sector for three decades.[7] He introduced forex services for the first time at the Bank of Punjab and later headed the foreign exchange departments at Centurion Bank of Punjab, HDFC Bank, and ING Vysya Bank. BookMyForex launched an online foreign exchange marketplace where licensed brick-and-mortar foreign exchange dealers could bid for customer orders within their geographic area. The company claims it was a pioneer in foreign exchange services such as foreign currency bank notes, prepaid forex cards, and international money transfers in India.[7] In 2016, it received funding from Faering Capital. In 2016, a partnership was formed with MakeMyTrip to integrate forex services into MakeMyTrip's platform.[8]
In August 2019, the company entered the travel industry with the launch of a Multi-Currency Forex Travel Card in collaboration with Yes Bank,[9] and it also formed a partnership with Go First (formerly GoAir). By April 2022, MakeMyTrip's fintech arm, TripMoney, had acquired a majority stake in BookMyForex.[10][11] In 2024, the company launched its first currency exchange app.[12][13]
References[edit]
- ^ Kumar, Naveen (2022-11-30). "How new interbank forex card from BookMyForex cuts charges to the lowest". The Economic Times. ISSN 0013-0389. Retrieved 2024-05-30.
- ^ Rudra, Tapanjana (2022-04-05). "MakeMyTrip's Fintech Arm Acquires Majority Stake In Foreign Currency Exchange BookMyForex". Inc42 Media. Retrieved 2024-06-12.
- ^ Chaturvedi, Anumeha (2022-04-05). "TripMoney, MakeMyTrip's fintech arm, buys majority stake in foreign exchange services provider, BookMyForex". The Economic Times. ISSN 0013-0389. Retrieved 2024-05-30.
- ^ "20% TCS on foreign travel packages has altered tourism landscape: BookMyForex CEO Sudarshan Motwani". Business Today. 2023-11-28.
- ^ "Budget 2024 Expectations: Bring credit cards under new TCS regime to bring parity with forex cards, says BookMyForex.com CEO". Business Today. 2024-01-24.
- ^ Dasgupta, Brinda (2016-05-06). "I learnt value of processes and planning: Nitin Motwani, CTO and founder, BookMyForex.com". The Economic Times. ISSN 0013-0389.
- ^ a b c Aman, Sadaf (2017-07-25). "Money over mind: Sudarshan Motwani on establishing BookMyForex and its impact on foreign exchange". EdexLive.
- ^ "MakeMyTrip partners with BookMyForex". Financialexpress. 2016-05-17.
- ^ Bhakta, Pratik (2019-08-21). "BookMyForex ties up with YES Bank, Visa to launch forex card". The Economic Times. ISSN 0013-0389. Retrieved 2024-05-30.
- ^ "TripMoney buys majority stake in BookMyForex". BW Hotelier.
- ^ Bureau, BL New Delhi (2022-04-05). "MakeMyTrip picks up majority stake in BookMyForex". BusinessLine.
- ^ Gloria Singh, Surbhi. "Indians can now reload forex card instantly during travels: Here's how". Business STandard.
- ^ "BookMyForex.com unveils foreign exchange app with real-time reloads". Business Today. 2024-04-15. Retrieved 2024-05-30.