Noida-based foreign exchange products and services provider, Myforexeye has raised Bridge round funding of $500K from InRhythm Energy Ltd, Indian arm of US based InRythm Inc. These funds would be utilized for technology advancement, new product lineups and geographical expansion across the country. The company has also announced its aggressive expansion plans to reach out to 50 cities with 2 lakhs B2C and 5000 B2B customer base by 2020. The company is eying for 500% top line growth in revenue by FY19 with a target of Rs 1500 crore in next two years.
Myforexeye is 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, overseas students etc.
Sharing his thoughts Anand Tandon, Founder, Myforexeye Fintech Pvt. Ltd. said, “Myforexeye is on the mission of simplifying Forex for SMBs, MSMEs, B2B and B2C businesses in India and other parts of the globe. We are getting exciting response from the industry. We are confident that this investment from InRhythm Energy Ltd will help us in taking our technology and reach to newer heights. Myforexeye aspires to be the leading one-stop shop foreign exchange solution provider across the globe.”
Speaking on the investment, Hemanth Gullapalli, Director, InRhythm Energy Ltd, said, “Due to information arbitrage from intermediaries international trade, SMEs, MSMEs and individuals are always at risk. This is a huge problem that hinders business growth and profit margins of companies as well as individuals across geographies. Myforexeye’s efficiency in identifying a problem which is global in nature and their ability to develop solutions that can be replicated globally by using data analytics, artificial intelligence and other disruptive technologies has made us to invest in this unique concept. We will be investing in other potential Fintech avenues in India but will exclusively support MyForexye in the Forex domain.”
The company competes against DoorStepForex, ExTravelMoney and Gurugram-based BookMyForex.