MyForexEye, a Noida-based Forex solutions provider, has secured Rs 1.4 crore ($220,000) in its pre-Series A funding round from a consortium of high-net-worth individuals and senior bankers.
The investment round saw participation from Rahul Dev Kumar, Executive Director – Transaction Banking at Standard Chartered Singapore; Ankit Sharma, MD at KCS Group of Companies; and Rajesh Mahajan, Head – Power Trading of Knowledge Infrastructure Systems.
The funds raised in this pre-Series A round will allow MyForexEye to widen its reach to around 15,000 B2B and 500,000 B2C customers by the end of 2021.
It is looking to use the newly-raised funding to expand operations across India and overseas in the next five years. A portion of the investment will also go into technology development and marketing, to enhance transparency of transactions and quality of user experience.
Commenting on the development, MyForexEye founder, Anand Tandon 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.
Speaking on the investment, Rahul Dev Kumar, Singapore based Senior Transaction Banking and Working Capital professional said,
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.
Founded in 2014 by former Chief Manager of ICICI Bank, Anand Tandon, MyForexEye is envisioned as a full-service Forex company that works towards simplifying the foreign exchange over India-based importers, exporters, and individuals like NRIs and tourists.
The startup claims to have serviced more than 1,000 clients spread across 53 banks. Over the years, it has processed nearly 50,000 Forex transactions worth over Rs 13,394 crore ($2.1 billion). It claims to have helped businesses and HNIs save around Rs 75 crore ($11.7 million).