Myforexeye, India’s first full service Forex Company has raised pre-Series A funding of Rs 1.4 crore from a clutch of individual investors. The investment has been made by HNI’s and senior bankers from India and overseas.
The company has been working towards simplifying Forex and is aiming at disrupting Rs 60,000 crore windfalls made by intermediaries/banks on the name of information arbitrage. This pre-Series A round of funding saw participation from prominent investors like Rahul Dev Kumar, a senior banker from Singapore, Rajesh Mahajan, an eminent infrastructure expert with more than two decades of experience in power and energy trading, Ankit Sharma, Managing Director, KCS Group of Companies along with other renowned names from banking and international trade.
Myforexeye has aggressive growth plans and looking at expanding its operations across India and other countries in the next 5 years. These funds would be utilized for technology development and marketing so as to scale up the business in India and abroad. 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 etc.
Sharing his thought Mr. Anand Tandon, Founder, Myforexeye Fintech Pvt. Ltd. said, “We established Myforexeye with the prime mission of simplifying Forex for SMBs, MSMEs, B2B and B2C businesses. We have put our energy and experience in building this unique concept and have been getting exciting response from the industry. We see a lot of potential for growth in this sector and hence we decided to take on the investment to support our expansion plans.”
“We are confident that the investment from likeminded investors will support us in creating new technology avenues and marketing platforms to reach out to our clients in an efficient manner. Myforexeye aspires to be the leading one-stop shop foreign exchange solution provider across the globe. The company’s strength lies in its unconventional approach towards problem solving so as to offer unmatched efficiency and effectiveness”, he further added.
Speaking on the investment, Rahul Dev Kumar, Singapore based Senior Transaction Banking and Working Capital professional said, “ 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 intermediaries. As India’s first full service Forex Company, Myforexeye has addressed this major issue by curating services which have never been experienced or exercised in the Indian market. Having invested in this high-potential concept, we will now be supporting this innovative platform aimed completely at increasing profitability of a business in India and abroad.”
In the last 30 months, Myforexeye has serviced 1000+ clients, processing 50,000+ transactions worth $2.1 billion resulting in a saving of more than INR 75 crore to its B2B and HNI clients spreading over 53 banks. From the clientele base of 600 with 3 branches across the country, the company is aiming for more than 15,000 B2B & a 0.5 million B2C clientele base by opening 105 branches across 65 cities by 2021.
Myforexeye is the brainchild of a young team of bankers led by Anand Tandon – an ex-banker and an internet enthusiast. The team sees this as just the tip of the iceberg; the industry potential is huge with 1 million Small & Medium Enterprises and 20 million individual customers using banking services to transact in foreign exchange market.