Travelex hopes to double India ops

Travelex, one of the world's largest non-bank providers of commercial foreign exchange services, has announced that their Indian operations are likely to double its turnover during the current fiscal.

Speaking on the occasion of Travelex India's first anniversary, Yogesh Shetty, global director-commercial foreign exchange and MD, South Asia, said, "During the last fiscal year, Travelex India posted a turnover of Rs 1,000 crore. We expect to double this in the current fiscal by bringing forward our investment plan for future growth in this region. We see India as a strategic financial hub for our South Asia growth strategy."

Since its launch in October 2003 with a single office in Mumbai, Travelex India has expanded its presence into all major metropolitan cities.

It also increased its regional presence by launching operations in Sri Lanka earlier this year and completed the installation of a new Information Technology Research and Development centre in Mumbai.

"We are looking to implement an accelerated growth strategy that will look at providing an integrated one-stop shop solution to its consumers and partners. As the Indian economy grows, the importance of having a sound foreign exchange service provider on a global scale in this region is paramount," Lloyd Dorfman, chairman, CEO and founder of Travelex Group, said.

Since its launch, Travelex India announced it would be introducing its unique global business model based on outsourcing foreign exchange needs to its business partners. Later, it announced a major tie up with HDFC and the launch of a new initiative called the "India Travel Pack."

According to an official from Travelex, "Apart from giving customers great bargains and deals at places recommended by travel guides, we also bridge the gap for information and assistance while they travel. Our national presence ensures that the India Travel Pack benefits travelers all over India."

The India Travel Pack has been already been launched in Goa with over 50 partner establishments and will soon be rolled out all over India.