Delhi-based Myforexeye Fintech Pvt. Ltd, which provides foreign exchange services, has raised a bridge round of $500,000 (about Rs 3.4 crore) from energy firm InRhythm Energy Ltd, the Indian arm of US-based InRythm Inc., a company statement said.
The fresh funds will be used for technology advancement, new product line ups and geographical expansion across the country, the statement added.
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.
“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,” Hemanth Gullapalli, director, InRhythm Energy Ltd, said.
With its India headquarters in Hyderabad, InRhythm Energy offers carbon finance and advisory solutions. Globally, the company focuses on coal and iron ore trading, mining and carbon asset management.
Myforexeye has also outlined an ambitious growth plan with an aim to onboard 5,000 B2B and 2 lakh B2C clients by 2020. It plans to open 105 branches across 65 cities by 2021.
The company had secured $220,000 (Rs 1.4 crore) in pre-Series A funding from a clutch of individual investors in August last year.
In one of the most significant developments in the forex services space in India, Centrum Capital Ltd agreed to sell its foreign exchange unit, Centrum Direct Ltd, to US-based software firm Ebix Inc. in April this year. The transaction is expected to help the company’s private equity backers earn a decent return on their investment.