Myforexeye raises half million USD in bridge round; plans expansion with tech disruption

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India's first full service Forex company Myforexeye has raised Bridge round funding of half a million USD from InRhythm Energy Ltd, Indian arm of US based InRythm Inc.

The company plans to use the funds for technology advancement, new product lineups and geographical expansion across the country.

Myforexeye, which also announced its aggressive expansion plans to reach out to 50 cities with 2 lakhs B2C and 5000 B2B customer base by 2020, is eying nearly 500 percent top line growth in revenue by FY19 with a target of Rs. 1500 crore in next two years.

The company has been working towards simplifying Forex and is aiming at disrupting Rs. 60,000 crore windfalls made by intermediaries on the name of information arbitrage. They are working on developing innovative technology solutions to bring in more transparency, enhance user experience and ensure seamless transactions for Indian exporters, importers, individuals (B2C) like NRI's, travelers, overseas students etc.

"We are confident that this investment from InRhythm Energy Ltd will help us in taking our technology and reach to newer heights. Myforexeye aspires to be the leading one-stop shop foreign exchange solution provider across the globe," said founder Myforexeye Fintech, Anand Tandon.

"Myforexeye's efficiency in identifying a problem which is global in nature and their ability to develop solutions that can be replicated globally by using data analytics, artificial intelligence and other disruptive technologies has made us to invest in this unique concept," said Hemanth Gullapalli, Director, InRhythm Energy Ltd.

He added that the company will be investing in other potential Fintech avenues in India but will exclusively support MyForexye in the Forex domain.