Sunday, June 23

Delhi based Forex Company Raises $0.5 Million Funding

New Delhi based Forex Company Myforexeye raises $0.5 Million bridge round of funding from InRhythm Energy Ltd.

The funding will be used for launch of new products, technology and geographical expansion across the country.

InRhythm Energy Ltd is Indian arm of US-based InRythm Inc.  It caters to clean and green energy businesses by providing them a range of services including but not limited to expert advice, project assessment and carbon finance and trading.

Speaking over the phone to Pixr8 Team, Anand Tandon, Founder, Myforexeye 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. InRhythm Energy Ltd funding will help us to improve our technology and reach to newer heights. Myforexeye aspires to be the leading one-stop shop foreign exchange solution provider across the globe.”

Myforexeye is a One-Stop shop for all Foreign Exchange Product and Services. It is a team of professionals keeping an eye on all your foreign exchange transactions. Started in 2014, Myforexeye started catering forex services to Small & Mid-size corporates. Today, Myforexeye provides foreign exchange services to 700+ clients across 13 locations in India.

The company has also announced its aggressive expansion plans to reach out to 50 locations 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 Rs1,500cr in next two years.

Hemanth Gullapalli, Director, InRhythm Energy Ltd, said, “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.”