Page 37 - The 10 Most Innovative Startups in Travel 2019

for all forex needs. We wish to abroad within a span of two years.
facilitate forex transactions like The World over, around 700 billion
money transfer abroad completely dollars were sent overseas between
online through our portal and help family and friends according to an
customers do currency exchange or estimate by the World Bank.
buy forex card, just the way they With the model and mode of
are able to purchase and deliver operation already well established,
goods to their doorstep through now it’s a matter of setting up
e-commerce websites. With the ExTravelMoney in markets abroad
onset of a marketplace model in and increasing our user base.
forex, the monopolized fees and
exchange rates of foreign exchange Growing Industry & Growing
houses will become competitive Competition
and fair, benefitting millions of Today the retail forex industry
customers. has definitely become more
Bringing Change in the Forex competitive than what it was 3-4
Industry years ago when we started our

The Forex Remittance & Money business. Customers are now more
aware of online forex options
Changing markets are amongst the and are increasingly resorting
largest in India, and yet remain to checking exchange rates and
totally fragmented. 80% of digital service fees online before indulging
commerce in India is in the online in a forex service purchase. Also,
travel sector – the majority of the traditional players industry are
which is confined to flight tickets, now recognizing the above fact
hotel bookings, car rental etc. Yet, and are gravitating towards giving George Zachariah
the most important need of an customers an online forex buying CEO
international traveller – foreign experience.
exchange and remittance services “
– still remains a brick and mortar CEO’s Journey till Date
business. Finding a forex store George Zacharia was born in 1982
and confirming the best available in Kuttanad (Alleppey) into an
exchange rate is thus a massive Agrarian Family. The
pain point for travellers in India. He did his schooling in Sacred demonetisation

Indian travellers are unable to Heart Boys School (1998) &
compare available exchange later graduation in SB College drive helped a lot
rates and invariably rely on Changanacherry (1998-2003). in this regard as it
airport vendors or banks – often He successfully completed MBA
losing as much as 10 to 15% on Post-Graduation Distant Education curbed the forex
commissions! Program from Vinayaka Mission,
Considering these factors, our Selam in 2007. black market
startup entered the forex industry to His career beginnings in 2003 as and more people
bring about a change and make the a Junior Officer at UAE Exchange
process of booking forex services & Financial Services Ltd; Foreign discovered
go online. Exchange Department as a ExTravelMoney
Planning for the Future Banknote Dealer and later served
Centurion Bank of Punjab Ltd as
With 25 exchange houses on board Relationship Manager FES till as they searched
currently, we are planning to rope 2007; then served Reliance Capital online for a forex
in more money changers and banks Ltd as State Manager-Forex Sales
to the platform. We want to be the till 2011 & he joined Ahmedabad solution
one stop shop for forex and this is based Green Channel Travel
a step in that direction. Forex is a Services an AD II Category Dealer
universal necessity and thus we are as the Area Manager for Kerala
also looking to expand into markets in Wholesale & Retail Foreign “

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