Checking one thing off from the to-do list of international travellers traveling to and from India, is a foreign exchange trading platform called Fxkart.com.
Fxkart is a platform that facilitates foreign exchange trading and simplifies currency exchange for people travelling to and from India. Early this year, the company launched a Forex booking mobile app showcasing 1000+ forex dealer locations across India. The company claims to be India’s first forex booking app.
The Dubai headquartered yet India-focussed company was started in the year 2013 with an aim of simplifying the tedious process of currency exchange for International travellers.
It’s a strange fact that even in this era of technology where we can now do practically anything from our smartphones, our currency exchanging habits still reflect the older times. We still practice the age-old risky methods of going to a bank or a small currency broker in some tiny corner of the city, to exchange our currency. For those who have practiced these methods, must also be aware of the pain and disappointment that one goes through when one learns that there was someone offering better exchange rate in some other part of the city.
Fxkart.com aims to change this inefficient and non transparent behaviour of the market by offering its customers the best exchange rates available in their city by letting them compare rates across dealers who are competing for their business, thus making the rates offered very competitive and the service being completely FREE! Yes, Free!
According to the startup there are four main things that differentiates them from others in the market and has helped them achieve 1.5 million dollars in turnover within 7 months of operations. The four things are as follows:
- Best Deals through live bidding
- Dynamic customer support
- Complete transparency in the whole exchange process
- All RBI licensed money changers on one single platform.
Though founded in 2013, the startup launched its services only in January this year. Headquartered in Dubai, the startup has its R&D Center in Bangalore along with Regional Teams in Delhi, Mumbai, Pune, Bangalore, Hyderabad, Kolkata, Ahmedabad, Bhubaneswar, Chennai, Goa, Chandigarh and Bhopal.
According to the RBI guidelines, up to Rs 50,000 can be exchanged in cash. If the amount is more, it can be directly credited in one’s account. Fxkart.com also assists you in issuing the travel card in case of exchange of a larger amount and enables you to exchange the foreign currency and transfer into your account online via a credible money exchanger. One also need not walk into a bank and pay higher exchange rates.
Fxkart. com already has more than 100 money exchangers, 500 plus locations and 2000 plus customers. It has carried out about two million dollars worth of exchanges. According to the Fxkart. com, the most common currencies exchanged are US dollar, euros, British pounds, AED, Bangkok and Singapore dollars. The currency that is very rarely exchanged is Russian currency.
With high profile brands like Lulu Exchange, Matrix Forex, Centrum Direct , Paul Merchants, Orient Exchange and Akbar Travels etc on board, Fxkart.com’s dealer base is growing at a staggering rate of 25 percent month-on-month.
Having founded by Dr. Mushtaq Shah, the company is currently being run under the reigns of CEO Abdul Hadi Shaikh.
The company aims to use the $2M seed funding from its founder Dr. Shah and Dr Faraz Naqvi, who is also a Strategic Advisor in the company, to expand the dealer network and enhance the IT infrastructure of the company.
Since what they’re offering is a niche service, they plan to target their customers through strategic marketing planning, partnerships and industry events that hold relevance for them as a brand.
Adding to its fleet of achievements, the company recently received the best International Business Travel Product of the year at IITM, Mumbai.
The company competes with a bunch of third-party players which are offering online forex services besides several banks and forex dealers like Thomas Cook. Players in the space also include BookMyForex and Buyforexonline, a venture associated with financial services firm Centrum Capital.
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