MakeMyTrip's fintech arm TripMoney buys majority stake in BookMyForex

MakeMyTrip's fintech arm TripMoney on Tuesday said it has acquired a majority stake in online foreign currency exchange services provider BookMyForex to become a one-stop solution for all forex needs.

BookMyForex's suite of services, including currency exchange that offers real-time exchange rates, multi-currency prepaid forex cards, cross border remittances and other ancillary products will be rolled out soon for MakeMyTrip and Goibibo customers, the company said in a statement.

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

However, he did not disclose the deal size of the acquisition.

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

"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," BookMyForex CEO Sudarshan Motwani said.