Nafex
Nafex is an Indian online forex marketplace founded in 2014 that connects consumers with 1,000+ RBI-approved money changers via a real-time bidding platform for currency notes, prepaid multi-currency cards, remittances, and travellers cheques across 80+ cities.
- Company typePrivate
- Founded2014
- HeadquartersBengaluru, India
- Headcount11–50
- GTM typeB2C
- OfferingDigital Commerce or Content
What Nafex does
Nafex Bureau Private Limited is a Bengaluru-based online forex marketplace founded in 2014 that operates as a real-time bidding platform connecting Indian consumers with over 1,000 RBI-approved money changers across 80+ cities. The platform allows customers to submit forex requirements for currency notes, prepaid multi-currency forex cards (16 currencies, VISA-accepted, 5-year validity), international wire transfers/remittances, and travellers cheques, and receive competing live bids from RBI-authorized merchants. Core product features include a 4-hour rate freeze, real-time order tracking with SMS/email notifications, and a rate quote validity window of 15 minutes before confirmation.
Underlying technology consists of a marketplace web platform (nafex.com) and an Android mobile application, supporting self-serve booking as well as phone- and chat-based assisted ordering. The platform handles only customer-merchant matching and does not handle cash, card, or financial settlement directly — physical fulfillment is performed by the merchant partner network, with home delivery available for orders above INR 50,000. All transactions are routed exclusively through RBI-authorized money changers, banks, and Authorized Dealers Category II (ADIIs).
Nafex earns revenue through transaction commissions and marketplace service fees collected from money changers who acquire customer orders via the platform. The customer base is entirely retail/SMB across five horizontal segments: individual leisure travelers (primary), business travelers, students and migrants, medical tourists, and frequent flyers. Distribution combines direct-to-consumer digital channels (website, app, social media, cricketer endorsements, VETA award PR) with planned channel expansion through travel agents, visa consultants, educational consultants, and hotels. The company is privately held with 11-50 employees and has had only one disclosed funding event (Xelpmoc, 2016, undisclosed amount).
Nafex firmographics
Firmographics- Name
- Nafex
- Legal name
- Nafex Bureau Private Limited
- Website
- https://nafex.com
- Company type
- Private
- Founded year
- 2014
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Nafex is an Indian online forex marketplace founded in 2014 that connects consumers with 1,000+ RBI-approved money changers via a real-time bidding platform for currency notes, prepaid multi-currency cards, remittances, and travellers cheques across 80+ cities.
- Ownership category
- akta.pro rank
Nafex industry classification
Industry- Product category
- Foreign Exchange Marketplace
- NAICS
- Securities and Commodity Exchanges (52321)
- SIC
- Commodity Contracts Brokers & Dealers (6221)
- akta.pro primary industry
- Multi-Currency Accounts, Wallets & FX Management (Consumer/SME) (FSAGAKAF)
- akta.pro secondary industry
- Cross-Border & FX Payments Platforms (BPAMAFAK)
Keywords
Where Nafex is headquartered
LocationHeadquarters
- HQ city
- Bengaluru
- HQ country
- India
- HQ region
- Asia
Offices1 record
Markets served
Nafex business model
Business model- GTM type
- B2C
- Offering type
- Digital Commerce or Content
- Cost components
- Technology or R&D, Personnel, Marketing or Sales, Operations, Others
Revenue model
- Transaction Commission: Nafex charges a commission on forex transactions facilitated through its marketplace platform. The company acts as an intermediary connecting buyers and sellers of foreign exchange, earning revenue from transaction fees collected from money changers who gain additional business through the platform.
- Platform Services Fee: Fees from money changers for listing and competing on the platform to acquire customers. Money changers bid in real-time to win customer orders.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Currency Notes Exchange |
| Transaction based/ take rate | Pay-as-you-go | Prepaid Forex Card |
| Transaction based/ take rate | Pay-as-you-go | International Wire Transfer/Remittance |
Go-to-market motion2 records
Distribution channels5 records
Marketing channels6 records
Nafex product offering
Product offeringCore offering
Nafex is an online marketplace that connects buyers and sellers of foreign exchange through a live bidding platform. Customers submit forex requirements (currency notes, prepaid forex cards, or international remittance) via the website or Android app, and 1,000+ RBI-approved money changers compete in real-time to offer the best exchange rates. The platform facilitates currency exchange, multi-currency prepaid forex cards, money transfer/remittance, and travellers cheques across 80+ Indian cities.
Product overview
Nafex is an online forex marketplace operating as a platform that connects buyers and sellers of foreign exchange in India. The core offering is a live bidding platform where 1,000+ RBI-approved money changers compete in real-time to offer exchange rates. The product portfolio consists of four main offerings: (1) Currency Notes for physical foreign exchange, (2) Prepaid Multi-Currency Forex Cards with VISA acceptance and 16 currencies, (3) Money Transfer/Remittance services via wire transfers, and (4) Travellers Cheques. All transactions are facilitated through verified RBI-authorized merchants with home delivery options available.
Differentiator
Problem solved
Functional benefit
Products and services
- Nafex Online Forex Marketplace Live bidding marketplace platform connecting customers with 1,000+ RBI-approved money changers across India to compare real-time exchange rates for buying and selling foreign currency. Available 24/7 via website and Android app.
- Prepaid Multi-Currency Forex Card Chip-based prepaid forex card preloaded with foreign currency at predefined rates, available in 16 currencies, accepted worldwide at VISA merchants and ATMs, with 5-year validity and remote online reload capability. Designed for individual travelers, business travelers, and students going abroad.
- Money Transfer / Outward Remittance International wire transfer and outward remittance services from India to foreign countries, facilitated through partnered RBI-approved banks and Authorized Dealers Category II (ADII). Used for travel, education, medical treatment, and employment-related transfers.
- Travellers Cheques Foreign currency travellers cheques available for purchase through the Nafex marketplace platform via RBI-approved merchant partners.
- Nafex Mobile App Android mobile application available on the Google Play Store enabling customers to access live forex rates, submit forex requests, receive competing merchant bids, and book currency exchange services on the go.
Quantifiable outcome
- Best forex rates through competitive real-time bidding from multiple merchants
- +2 more outcomes
Companies that use Nafex
Customer profileNamed customers5 records
Segments5 records
Ideal customer profiles4 records
Nafex technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
Nafex partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core and minor.
- RBI-Approved Money ChangerscoreNafex has partnered with over 1,000 RBI (Reserve Bank of India) approved and authorized money changers across India. These merchants compete in real-time on the platform to offer the best exchange rates to customers. The money changers fulfill orders by providing currency notes, prepaid forex cards, and wire transfer services.
- Banks and ADIIscoreNafex has established partnerships with leading banks and Authorized Dealers Category II (ADII) in India to provide adequate foreign exchange facilities and efficient customer service for remittance and money transfer services.
- Travel AgentsminorNafex is actively seeking partnerships with travel agents to expand distribution channels and serve travelers needing forex services.
- Overseas Educational ConsultantsminorPartnerships with overseas educational consultants to serve students and families planning for international education with competitive forex rates and remittance services.
- Visa ConsultantsminorPartnerships with visa consultants to provide bundled forex and money transfer services to clients applying for international travel and immigration.
- Hotels and Business CentresminorPartnerships with hotels and business centres to provide convenient forex services to travelers and business professionals.
Scale indicators4 records
Recent moves6 records
Expansion highlights5 records
Nafex competitors and assessment
Company assessmentDirect peers
- BookMyForex: Direct Indian competitor operating an online marketplace aggregating RBI-authorized money changers and banks for currency notes, forex cards, and outward remittance; competes head-to-head with Nafex on price discovery and home delivery in India.
- Instarem (Nium): Cross-border payments and remittance platform with strong India corridors for both inbound (NRI remittances) and outbound (education/travel) flows, offering digital FX rates comparable to Nafex's outward remittance product.
- ExTravelMoney: India-based online forex aggregator connecting consumers with multiple money changers for currency exchange, prepaid cards, and outward remittance—closest functional peer to Nafex's marketplace model.
Broad incumbents
- Unimoni (formerly UAE Exchange India): Large established retail forex and remittance brand in India with deep branch network and AD-II license, serving travel forex, forex cards, and overseas remittance—same products as Nafex but with incumbent balance sheet.
- Wise (TransferWise): Global cross-border money movement and multi-currency account provider; while not India-only, it competes with Nafex on the cross-border remittance and FX use case, particularly for migrants and students sending money in/out of India.
- Thomas Cook India - Foreign Exchange: One of India's largest travel-forex and remittance providers (part of Fairfax group), offering currency notes, forex cards, and outward remittance through a bank-backed distribution network—competes directly with Nafex for traveler FX.
- MoneyGram India: Major cross-border money transfer operator with India presence serving outward remittance needs (education, family support, travel), overlapping with Nafex's money transfer/AD-II partner-served product.
- HDFC / SBI Forex Cards: Major Indian banks (represented by HDFC) offering branded multi-currency forex cards and outward remittance at interbank rates to their own depositors, competing for the same corporate and travel card customers that Nafex targets via RBI merchants.
- Western Union India: Global remittance and FX giant with a deep Indian agent network serving inward and outward remittance; an established incumbent competing for the same India retail FX customer as Nafex.
Emerging players
- Paytm (forex and travel services): Large Indian consumer super-app that has been adding travel-forex and cross-border payment services; its distribution scale and embedded payments rails make it a powerful adjacent competitor to Nafex's marketplace.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Nafex social profiles
Digital presenceNafex compliance and trust
Trust signalCompliance1 record
Nafex financial estimates
Financial estimateRevenue estimate
Valuation estimate
Nafex leadership team
Management profileNumber of profiles
Profiles1 record
Nafex funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Nafex M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Nafex
What does Nafex do?
Nafex is an online marketplace that connects buyers and sellers of foreign exchange through a live bidding platform. Customers submit forex requirements (currency notes, prepaid forex cards, or international remittance) via the website or Android app, and 1,000+ RBI-approved money changers compete in real-time to offer the best exchange rates. The platform facilitates currency exchange, multi-currency prepaid forex cards, money transfer/remittance, and travellers cheques across 80+ Indian cities.
Is Nafex a public or private company?
Nafex is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Nafex founded?
Nafex was founded in 2014. It employs 11 to 50 people.
Where is Nafex based?
Nafex is headquartered in Bengaluru, India, in the Asia region.
How does Nafex make money?
Two revenue lines are on record. Transaction Commission is the primary driver. The others are platform Services Fee.
Who are Nafex's main competitors?
Direct peers on record are BookMyForex, Instarem (Nium) and ExTravelMoney. Broad incumbents are Unimoni (formerly UAE Exchange India), Wise (TransferWise), Thomas Cook India - Foreign Exchange, MoneyGram India, HDFC / SBI Forex Cards and Western Union India. Paytm (forex and travel services) is listed as an emerging player.
Does Nafex have an API?
No public API is recorded for Nafex.
What industry is Nafex in?
Nafex's product category is Foreign Exchange Marketplace. Its primary akta.pro industry code is FSAGAKAF, Multi-Currency Accounts, Wallets & FX Management (Consumer/SME), with a secondary code of BPAMAFAK, Cross-Border & FX Payments Platforms. Its NAICS code is 52321 and its SIC code is 6221.