Foreign exchange products and services provider Myforexeye raises Rs 1.4 crore
HYDERABAD: Foreign exchange products and services provider Myforexeye has raised Rs 1.4 crore of debt funding in a pre-series A round from a clutch of high net-worth individuals (HNIs) and senior bankers from India and overseas. The new infusion of funds will be used to further build the technology platform and on digital marketing.
“We require a lot of working capital to cater to our customers who buy foreign exchange from our website,” said Anand Tandon, founder, Myforexeye.”Approximately Rs 50 lakh would be kept aside for that purpose.”
Founded in 2014, Myforexeye has catered to over 1000 clients and hopes to tap into the industry potential of one million SMEs and 20 million individual customers using banking services to transact in the foreign exchange market.
Rahul Dev Kumar, a senior banker from Singapore, Rajesh Mahajan, an infrastructure expert, Ankit Sharma, managing director, KCS Group of Companies along with some other names from banking and international trade have participated in this round.
“The industry potential for this unique concept is huge as a better profit margin of businesses dealing with international trade, SMEs, MSMEs and individuals is always at risk due to information arbitrage from banks,” said Rahul Dev Kumar, Singapore-based senior transaction banking and an investor in the company. “Myforexeye has addressed this major issue by curating services which have never been experienced or exercised in the Indian market.”
Some of the services being offered by the company include buying/selling foreign exchange, foreign exchange risk advisory, bill discounting intermediation for the B2b clients, among others. Myforexeye plans to open 105 branches across 65 cities by 2021.