Delhi-based Myforexeye Fintech Pvt. Ltd, which provides foreign exchange services, has raised $220,000 (Rs 1.4 crore) in pre-Series A funding from a clutch of individual investors, a company statement said.
Investors who participated in the round include Singapore-based banker Rahul Dev Kumar, power and energy trading veteran Rajesh Mahajan, and managing director of recruitment firm KCS Group Ankit Sharma, among others.
The startup will use the funds to ramp up its technology platform, scale the business in India and abroad, and for marketing, the press note added.
“The industry potential for this unique concept is huge as better profit margin of businesses dealing with international trade, SMEs, MSMEs and individuals is always at risk due to information arbitrage,” said investor Dev Kumar in the statement.
Founded in 2014 by Anand Tandon, Myforexeye offers forex services to small and medium enterprises, business-to-business (B2B) and business-to-consumer (B2C) entities. Services include transaction process outsourcing, market risk advisory, retail forex, structured trade finance, currency future broking, treasury manpower placement, and corporate training.
An alumnus of Indian Institute of Foreign Trade, Tandon earlier led IndusInd Bank’s north zone operations, handling treasury sales and profit centre management. In his previous stints, he worked at ICICI Bank and India Cements Capital & Finance Limited.
Over the last 30 months, Myforexeye claims to have serviced more than 1,000 clients, processing over 50,000 transactions worth $2.1 billion. By 2021, it aims to bring on board over 15,000 B2B and 50 lakh B2C clients, and have 105 branches across 65 cities.