MakeMyTrip’s Fintech Arm TripMoney Acquires Majority Stake In BookMyForex
- ByStartupStory | April 7, 2022
TripMoney, the fintech arm of the Indian travel business MakeMyTrip, has acquired a majority share in BookMyForex, India’s online foreign currency exchange services provider. The corporation was not immediately ready to provide the deal’s actual value.
With this investment, BookMyForex’s portfolio of services, which includes currency exchange with real-time exchange rates, multi-currency prepaid forex cards, cross-border remittances, and other ancillary goods, will be made available to MakeMyTrip and Goibibo clients in the near future.
TripMoney will now use BookMyForex’s network of partners, which includes chosen banks and reputable exchange providers, to meet consumers’ currency needs in different cities across India.
MakeMyTrip enables passengers to explore, plan, and book travel services and products in India and overseas through its principal websites, which include makemytrip.com, goibibo.com, and redbus.in, as well as their mobile platforms. Customers can use TripMoney to acquire travel loans in the form of simple credit to buy plane tickets, book hotels, and more.
On the other hand, BookMyForex enables its customers to buy or sell foreign cash currencies, and forex cards, process cross-border payments from India to anywhere in the world and buy international SIM cards or international travel insurance.
MakeMyTrip reported revenue of $32.8 Mn in Q1 FY22, an increase of 416% from Q1 FY21, Inc42 reported.
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