Picture this: It's 2012, and you're planning a trip abroad. You need foreign currency, but the thought of visiting multiple banks, haggling with money changers, and navigating opaque exchange rates makes you want to cancel your vacation altogether. Enter BookMyForex, the brainchild of Sudarshan Motwani and Nitin Motwani, set to revolutionize the Indian forex landscape.
But let's rewind a bit. How did this father-son duo come up with an idea that would change the way Indians deal with foreign exchange?
Sudarshan Motwani wasn't just any banker. With over 30 years of experience in the industry, he had introduced numerous travel-related foreign exchange services for banks like Bank of Punjab, Centurion Bank of Punjab, HDFC Bank, and ING Vysya. He knew the forex market inside out, and more importantly, he understood its flaws.
"Everything in the travel space was disrupted and saturated while the forex market was still working in a traditional mode," Sudarshan explained to Inc42. The lack of transparency, the hassle of visiting multiple places for the best rates, and the overall negative experience of forex transactions - these were problems begging for a solution.
But it wasn't until Sudarshan's son, Nitin Motwani, looked at the project that the pieces started falling into place. Nitin, fresh from his stint at Cisco Systems in San Jose, brought the tech perspective that the idea needed. It was the perfect blend of banking experience and technological innovation.
In November 2012, with an angel funding of INR 25 Lakh, BookMyForex was born. The initial concept was simple yet revolutionary: an online platform where customers could view live forex rates, compare exchange rates and service quality standards, book their orders, and get foreign currency delivered at home.
But simplicity doesn't mean easy. As Sudarshan recounted to YourStory, "We were not just the first mover in online forex space in India but the world's first online foreign currency exchange and remittance marketplace. BookMyForex is not a replica of any startup worldwide and is an original idea."
Being a first mover comes with its own set of challenges. The team had to educate not just customers but also banks and exchange companies about the potential of online retail forex. They started with a single partner, Axis Bank, and had to train the bank's staff to handle BookMyForex transactions.
The journey of BookMyForex is a testament to the power of perseverance and adaptability. What started as a partnership with a single bank evolved into a full-fledged marketplace in September 2014.
Today, BookMyForex boasts a channel partner network of over 5,000 branches across India. This extensive network allows them to offer pickup and delivery of forex products in more than 650 Indian cities and towns. They've even established their own delivery centers in 30 cities.
But how does this massive network operate seamlessly? The answer lies in BookMyForex's robust technology infrastructure.
At the heart of BookMyForex's operations is a sophisticated technology stack that includes:
This technology not only ensures a smooth customer experience but also allows BookMyForex to offer competitive rates. As Sudarshan proudly states, "Our rates for all forex products other than cash currency notes are linked to live rates that are updated every three seconds."
So, what exactly makes BookMyForex stand out in the crowded fintech landscape? Let's break it down.
Remember the days when banks and money changers could charge 5-6% on forex transactions, with airports and hotels going as high as 10-15%? BookMyForex put an end to that. Their transparent pricing model means customers know exactly what they're paying for.
Gone are the days of running from pillar to post for foreign currency. BookMyForex offers door-to-door delivery in over 183 cities, with a COD limit of up to Rs 50,000. It's forex shopping from the comfort of your couch!
By leveraging their extensive network and technology, BookMyForex can offer some of the most competitive rates in the market. For cash currencies, they've even arranged with banks to allow three free overseas ATM withdrawals, enabling customers to access cash at exact live inter-bank rates.
Numbers don't lie, and BookMyForex's numbers tell a story of exponential growth. Let's dive into the financials.
According to data from Getlatka, BookMyForex's revenue journey has been nothing short of impressive:
That's a year-over-year growth rate of 26.2% from 2022 to 2023, and a projected doubling of revenue from 2023 to 2024!
As of 2023, BookMyForex boasts 3 million customers. With a team of 119 employees, including 17 sales reps, 3 engineers, and 4 marketing professionals, they're serving a massive customer base with a lean and efficient team.
To support its rapid growth, BookMyForex has raised a total of $11.6M in funding. This includes a significant round in March 2016, which provided the fuel for their expansion plans.
Having conquered the consumer forex market, BookMyForex is now setting its sights on the B2B space. But what does this mean, and why is it significant?
BookMyForex is developing products for B2B2C and B2B models. This means businesses like Online Travel Agencies (OTAs), travel agents, immigration consultants, visa services, and educational consultants can offer forex services under their own branding.
This move serves two purposes:
As part of their expansion plans, BookMyForex has launched its first multi-currency forex card. But they're not stopping there. The company is working on next-generation forex cards that customers will be able to manage via the BookMyForex app, further enhancing convenience and control for users.
As BookMyForex looks to the future, what challenges and opportunities lie ahead? Let's gaze into our crystal ball.
Sudarshan Motwani believes that the next set of challenges will come with product portfolio expansion and scaling further into the next 20-30 Indian cities. This expansion will require careful planning and execution to maintain the quality of service that BookMyForex is known for.
While BookMyForex enjoys a first-mover advantage, the forex space is becoming increasingly competitive. Players like fxkart, buyforex, tickmill, and iforex are all vying for a piece of the pie. To stay ahead, BookMyForex will need to continue innovating and improving its service offerings.
As a player in the financial services sector, BookMyForex must navigate a complex regulatory landscape. Staying compliant with RBI guidelines while continuing to innovate will be an ongoing challenge.
As we wrap up our deep dive into BookMyForex, it's worth reflecting on the broader impact this company has had on India's forex landscape.
By making forex transactions transparent, convenient, and affordable, BookMyForex has democratized access to foreign exchange. No longer is forex the domain of savvy travelers or large corporations - it's accessible to anyone with a smartphone.
BookMyForex's success has forced traditional players in the forex market to up their game. Banks and money changers have had to become more transparent and competitive in their pricing, benefiting consumers across the board.
As more Indians travel abroad for leisure, education, and business, easy access to forex becomes increasingly important. By simplifying forex transactions, BookMyForex is playing a small but significant role in fueling India's global aspirations.
From a simple idea born out of a banker's frustration to a company on track to hit $28M in revenue by 2024, BookMyForex's journey is a testament to the power of innovation and perseverance. By identifying a pain point in the market and leveraging technology to solve it, Sudarshan and Nitin Motwani have not just built a successful business - they've transformed an entire industry.
As BookMyForex continues to grow and evolve, one thing is clear: the days of opaque forex transactions and exorbitant fees are behind us. In their place, we have a transparent, efficient, and customer-friendly forex ecosystem. And that, perhaps, is BookMyForex's greatest achievement - making foreign exchange as easy as booking a movie ticket.
So, the next time you're planning a trip abroad or sending money overseas, remember the story of BookMyForex. It's more than just an app or a service - it's a forex revolution, made in India, for India, and now, expanding beyond.
Citations:[1] https://yourstory.com/2016/10/bookmyforex-story[2] https://inc42.com/startups/bookmyforex-chases-b2b-foreign-exchange-market-after-consumer-success/[3] https://getlatka.com/companies/bookmyforexcom[4] https://www.thecompanycheck.com/company/book-my-forex-private-limited/U74999HR2011PTC043950
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