BOOKMYFOREX— BUY & SELL FOREX ONLINE
BookMyForex has a fully automated mechanism that enables customers to land on their platform and place their orders.
Founded in 2011 by Nitin Motwani and Sudarshan Motwani, BookMyForex aims to provide a transparent, trustworthy and systematic platform to manage the currency related needs of the customers.
It is the world's first and largest currency exchange marketplace that helps connect the customers with the best financial institutions, banks and RBI authorized forex companies. It aggregates forex rates from forex companies and banks and compares the rates in real time to determine the best available rates.
Sudarshan Motwani, founder and CEO, claims that the online retail forex marketplace is an emerging industry and their company has about 80 percent of market share.
How does it work?
BookMyForex has a fully automated mechanism that enables customers to land on their platform and place their orders. The company with its advanced tech made it possible for customers to pay exact zero currency exchange costs by linking the live rates that are updated every three seconds on its platform.
The platform enables the customer to deal with retail forex products such as cash currencies, forex travel cards, wire and international demand drafts, all with compliance of RBI guidelines and are executed at Banks and Exchange company’s counters.
BookMyForex solves the customer problem
BookMyForex claims to have a strong first mover advantage due to its customer-oriented approach and it believes that this marketplace is one area where banks and exchange companies have not performed well in terms of customer service and online delivery. Here’s a glimpse of it.
The start-up manages to provide the online live exchange rate tracker that compares parameters like vendor rates, distance from customer, and previous track record to match the customer record with the most suitable vendor.
It extracts the rate of several sites and with the help of offline market intelligence it figures out the best prevailing rates and uses that data to set the price.
The platform has the ability to send automated reminders or escalations to its channel partners, customers and staff to take the needful action when service-level agreement is ruptured.
SLA monitoring and last mile fulfilment
BMF identifies the order which is at potential risk of breaching the agreement and keeps the contract in effect, it alerts the appropriate stakeholders to take action to mitigate the complaints and improve customer experience.
With its advanced capturing and routing logic, it is able to route customer payments and it also allows the partners to complete their orders.
Market and future plans
When BookMyForex was launched, it was not a marketplace and its only partner was Axis Bank. Later, in the year 2014, it became a marketplace and now it has over 5000 branches across India that offer service from over 650 cities and offers doorstep currency delivery in over cities with a cash on delivery of up to INR 50,000.
The company competes with various players in the markets like fxkart, buyforex, tickmill, iforex and among others. Due to the favourable season for fintech, the total of $286.65 Mn was invested in different fintech start-ups in the year 2016 alone.
On the other hand, the company has heavily invested in research and development and built a platform that tracks transactions at any time. It is also able to offer business volumes to the banks and exchanges company partners, who in turn provide better settlement rates that ultimately benefits the customers to get a reasonable exchange rate.
The new market and challenges
Having simplified the foreign exchange, the company now is planning to rapidly spread their footprints in Tier II and III cities for their existing B2C products.
Besides it is also creating tech solutions for B2B and corporate entities such as OTAs, travel agents, immigration, visa, educational consultants.
BookMyForex plans to start offering the foreign exchange services under their branding so as to embark additional surplus that would ultimately help the company to trade at highly competitive rates with their own clientele.
This would help the company improve its access to the potential markets in the segments and touch points where it envisaged the company to be.
Sudarshan believes going ahead will bring challenges with its product portfolio and scaling expansion. In order to manage it well, the company has launched its first multi-currency forex card that will enable the customers to manage conveniently via BookMyForex app.
The app can help customers to know the real time notifications, alerts, and view all the transactions performed by them. It also facilitates them to track their currency wise balances, to locate surcharge-free ATMs nearby, to reload their travel cards while onboarding.
On the top of it, it provides an option to lock or block the card in case of suspicious transactions.
With the growing millennial population, the trend shows, in the coming years forex market size in India is expected to hit $54 Bn and using fintech solutions and ecommerce with great appetite BookMyForex has the opportunity to penetrate it effectively.