TripMoney acquires majority stake in BookMyForex

TripMoney, MakeMyTrip’s fintech arm, has acquired a majority stake in BookMyForex, a forex services provider.
“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,” said a statement.

“The company will leverage the extensive network of BookMyForex’s partners including select banks and reputed exchange companies to fulfil forex requirements of customers in multiple cities across India,” it added.

“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,”

Private equity firm Faering Capital as well as founders and promoters - Nitin Motwani and Sudarshan Motwani will continue to stay invested in BookMyForex.