In Startup50 2016: For the robust growth it displayed – generating a turnover of Rs. 55 crore a month, up from Rs. 13 crore a month in April 2015.
Founders: Nitin And Sudarshan Motwani
Incorporated in November 2012 by Nitin and Sudarshan Motwani, this Gurgaon-based company is one of the world’s first foreign exchange marketplaces that helps customers get the best forex rates from hundreds of banks and currency exchange companies in their vicinity.
The number theory:
The company’s turnover has increased from Rs. 23 crore a month in April 2016 to over Rs. 55 crore in August 2016. Its turnover in April 2015 was only Rs. 13 crore. Its current user numbers is close to 1, 75,000, up from 1,10,000 in April 2016 and 60,000 in April 2015. It currently has 61 employees.
With respect to funding, the company has raised Rs. 11 crore from Aditya Parekh-backed Faering Capital in February 2016 and Rs. 3.25 from Mr. Tejbir Singh in October 2012.
Firstly, it uses live and transparent rates. Meaning, up until now, forex rates at which one could actually exchange currency were never transparent. While on one hand, the rates a customer would see online or on the TV would never be the rates they got, on the other. rates at banks and currency exchange companies would vary wildly and haggling for rates was considered normal. BookMyForex rid of this with its transparency strategy.
Secondly, its use of marketplace model to improve customer rates; the company’s platform has been designed to promote competition amongst different forex vendors who all have to compete with each other to win its customers’ business
Thirdly, it introduced Zero Forex Margin concept, wherein its customers can buy foreign currency at exact interbank rates.
Facts in Numbers:
(No. of Users)
Rs. 55 crore
(Turnover in August 2016)