Leading online travel services company Make My Trip's (MMT) Fintech arm Tripmoney Fintech Solutions has acquired majority control (51% shareholding) of online foreign exchange services provider BookMyForex.
Private equity firm Faering Capital, as well as founders and promoters Nitin Motwani and Sudarshan Motwani, will stay invested in BookMyForex.
L&L Partners advised Tripmoney on the deal.
The transaction team included Partners Harish Kumar, Navin Syiem, Nitin Gera, Senior Associate Shruti Barua and Associate Ruthvik Tumuluri.
The legal due diligence was led by Partner Harish Kumar and Partner Navin Syiem who was ably supported by Partner Vivek Agarwal, Senior Associate Shruti Barua, Senior Associate Aman Nijhawan, Associates Kundan Rathore and Ayush Singh.
The direct and indirect tax related due diligence was handled by Partner Sumit Mangal, Partner Ajinkya Gunjan Mishra, Managing Associate Mayank Agarwal, Associate Avani Tiwari and Paralegal Naman Mittal.
Competition law aspects - Partner Kunal Mehra and Managing Associate- Danish Khan.
J. Sagar Associates acted for BookMyForex and promoters while Trilegal acted for Faering Capital.
The deal happened by way of primary and secondary transactions and involved the execution of an access rights agreement for sale of forex products through MMT’s proprietary platform.
This deal represents a major milestone for MMT as with this strategic investment, BMF’s suite of services, including currency exchange that offers real-time exchange rate, multi-currency prepaid forex cards, cross border remittances as well as other ancillary products, will be rolled out soon for the benefit of MMT’ customers.
It will allow MMT to fully leverage its competitive advantages of expertise and proficiency in the online travel services sector to accelerate the growth and scale of BMF.