TripMoney Acquires Majority Stake in BookMyForex

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TripMoney Acquires Majority Stake in BookMyForex
05 Apr 2022
6 min read

News Synopsis

TripMoney which is a fintech arm of popular travel company, MakeMyTrip has announced that it has acquired a major stake in BookMyForex. BookMyForex is an online Foreign Currency Exchange services provider. Lately, it has emerged as a one-stop solution for all forex needs of the Indian traveller. After the acquisition, Co-Founder and Group CEO of MakeMyTrip Limited, Rajesh Magow said: “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. 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.” With this acquisition, TripMoney aims to make use of the extensive and widespread network of BookMyForex’s partners which includes some banks and reputed exchange companies to fulfil the forex requirements of customers in multiple cities across India. The company further informed that Faering Capital and founders and promoters - Nitin Motwani and Sudarshan Motwani will continue to remain invested in BookMyForex.

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