MakeMyTrip’s Fintech Arm Acquires Majority Stake In Foreign Currency Exchange BookMyForex

Indian travel company MakeMyTrip’s fintech arm TripMoney has acquired a majority stake in BookMyForex, India’s online foreign currency exchange services provider.

The company was not immediately available to disclose the exact amount of the deal.

With this investment, 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 be rolled out soon for the benefit of MakeMyTrip and Goibibo customers.

TripMoney will now leverage the network of BookMyForex’s partners including select banks and reputed exchange companies to fulfil forex requirements of customers in multiple cities across India. 

“The acquisition of majority stake in BookMyForex is in line with our strategic vision to build a travel super app offering complete suite of services for the discerning traveller,” said, Rajesh Magow, cofounder and CEO of MakeMyTrip. 

“We look forward to working closely with the leadership of BookMyForex to help accelerate growth of outbound travellers buying forex online by offering the services to millions of visitors on MakeMyTrip and Goibibo booking platforms,” he added.

Through its primary websites, which includes makemytrip.com, goibibo.com, redbus.in, and their mobile platforms, MakeMyTrip enables travellers to research, plan and book travel services and products in India and abroad. TripMoney helps customers get travel loans in the form of easy credit for buying flight tickets, booking hotels, and more.

On the other hand, BookMyForex enables its customers to buy or sell foreign cash currencies, forex cards, process cross border payments from India to anywhere in the world and buy international SIM cards or international travel insurance.

Commenting on the development, Sudarshan Motwani, CEO of BookMyForex, said, “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; and launch industry leading products for the benefit of the consumers.” 

Faering Capital was one of the major private equity firms backing BookMyForex so far.

Following the deal, Faering Capital and BookMyForex’s founders Nitin Motwani and Sudarshan Motwani will continue to stay invested in BookMyForex. 

MakeMyTrip reported a revenue of $32.8 Mn in Q1 FY22, an increase of 416% from Q1 FY21, Inc42 reported.

CEO Rajesh Magow had said that the company saw more than 50% recovery in that quarter versus a year earlier in hotel room night bookings from small and medium businesses.