Foreign exchange products and services provider, Myforexeye, 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 (high net-worth individuals) and senior bankers from India and overseas.
Rahul Dev Kumar, a senior banker from Singapore, Rajesh Mahajan, an infrastructure expert, Ankit Sharma, managing director, KCS Group of Companies and others have participated in this round.
As per ET report, the Proceeds from the debt funding will be utilized to create impactful technology platforms 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.
According to him, approximately Rs 50 lakh would be kept aside for that purpose.
Founded in 2014, Myforexeye offers buying/selling foreign exchange, foreign exchange risk advisory, bill discounting intermediation for the B2b clients. The company has served 1000 plus clients, processing over 50,000 transactions worth $2.1 billion.
The company claims to save more than INR 75 crore to its B2B and HNI clients spreading over 53 banks.
Myforexeye 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.
The firm is also working on technology to bring in more transparency, enhance user experience and ensure seamless transactions for Indian exporters, importers, individuals (B2C), among others
“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, an investor in the company.
He further added, “Myforexeye has addressed this major issue by curating services which have never been experienced or exercised in the Indian market.”
From the clientele base of 600 with three branches across the country, the company is aiming for more than 15,000 B2B and half a million B2C clientele base through 105 branches by 2021.