BuyForexOnline enters B2B space; sees huge potential for growth

Bengaluru-based online foreign exchange platform BuyForexOnline, which was operating in the B2C space so far, has now forayed into the B2B space by launching a new platform for travel agents and education consultants.

Founder and MD of BuyForexOnline, Ananth Reddy, said, “We launched the platform on a pilot basis last year, and have been receiving a very positive feedback from travel agents. Now, we are formally launching it across the country.”

Close to 300 agents have registered on the platform. “We are the first ones to enter the B2B space, and our Total Agent Module (TAM) allows agents to place forex and remittance orders for their clients. If one plans a leisure trip, he/she approaches travel agents, and so there’s a huge scope for business here,” Reddy said, adding the platform’s USP lies in service delivery and customer experience.

Reddy, who is in the currency exchange business since 1996, said that he stumbled upon the idea when he saw a huge crowd in front of a Thomas Cook office in Bengaluru. “Within three to four months, I got a forex licence and opened a shop next to Thomas Cook. I continued running it for the next one decade, before joining Thomas Cook. Finally in 2012, I decided to enter the online space,” he recalled, adding that the biggest challenge is to create awareness among the people about buying forex online, as they are so much comfortable with the traditional forex model.

The portal’s customer retention rate is 70%, and it’s growing 300% year-on-year. “Our average transaction value is Rs 1 lakh, and we are aiming to close financial year 2017-18 with Rs 300 crore turnover,” said Reddy. After demonetisation, foreign exchange platforms are getting good traction, and Reddy said, “It’s a growing segment.” The platform is also thinking of entering business space, targeting SMEs in future.