BookMyForex
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| Company type | Private |
|---|---|
| Industry | Financial services |
| Founded | November 2012 |
| Founder | Sudarshan Motwani Nitin Motwani |
| Headquarters | Gurgaon , India |
Area served | India |
| Parent | MakeMyTrip |
BookMyForex is a retail foreign exchange platform headquartered in Gurgaon, India.[1][2][3] The company was started in 2012 and acquired by MakeMyTrip in 2022. It operates in Delhi, Hyderabad, Mumbai, and Bangalore.[4]
Sudarshan Motwani, co-founder and CEO of BookMyForex,[5][6] worked in the banking sector before co-founding BookMyForex.[7] During his tenure at the Bank of Punjab, he introduced forex services for the first time. Later, he headed the retail foreign exchange business line in several other banks.[7] In November 2012, Sudarshan, along with his son Nitin Motwani,[8] founded BookMyForex.[7]
The company established a platform where licensed brick-and-mortar foreign exchange dealers could bid for customer orders within their geographic area. It also pioneered the provision of foreign exchange products like foreign currency bank notes, prepaid forex cards, and international money transfers. In 2016, BookMyForex received funding from Faering Capital. In 2016, a partnership was formed with MakeMyTrip to integrate forex services into MakeMyTrip's platform.[9]
In April 2022, TripMoney, MakeMyTrip's fintech arm, acquired a majority stake in BookMyForex.[10][11]
References[edit]
- ^ "BookMyForex.com unveils foreign exchange app with real-time reloads". Business Today. 2024-04-15.
- ^ Kumar, Naveen (2022-11-30). "How new interbank forex card from BookMyForex cuts charges to the lowest". The Economic Times. ISSN 0013-0389.
- ^ "The cheapest ways to buy expensive forex". mint (newspaper).
- ^ 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.
- ^ "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.
- ^ a b c Aman, Sadaf (2017-07-25). "Money over mind: Sudarshan Motwani on establishing BookMyForex and its impact on foreign exchange". EdexLive.
- ^ 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.
- ^ "MakeMyTrip partners with BookMyForex". Financialexpress. 2016-05-17.
- ^ "TripMoney buys majority stake in BookMyForex". BW Hotelier.
- ^ Bureau, BL New Delhi (2022-04-05). "MakeMyTrip picks up majority stake in BookMyForex". BusinessLine.