What Prithvi Exchange Limit does

Prithvi Exchange (India) Limited is a Chennai-headquartered, BSE-listed (ticker: 531688) foreign exchange services company incorporated in 1995, operating as a Reserve Bank of India (RBI)-authorized Authorized Dealer Category II (AD-II) under FEMA. It buys, sells, and exchanges foreign currency notes (USD, EUR, GBP, AUD, CAD, SGD, AED, THB, CHF, NZD, JPY), issues and reloads multi-currency prepaid forex cards, and processes outward remittances under the Liberalised Remittance Scheme (LRS) for education, family maintenance, medical, and business purposes. The company primarily serves Indian leisure and business travellers, students pursuing overseas education, corporate clients engaged in international trade, and families with relatives abroad; it also serves the maritime/airline crew-wage segment and offers travel insurance through its wholly-owned subsidiary Octagon Insurance Broking Private Limited.

The company's product and technology stack spans physical and digital channels. Its physical layer is a network of 38 retail branches across 10 Indian cities (with recent additions in Thane, Ghatkopar, Trivandrum, Gurugram, Lucknow, Hyderabad, Nagpur, Amritsar, and Salt Lake). Its digital layer comprises the Direct-to-Customer TravFX Online Forex Portal (launched March 2026), a Forex-on-WhatsApp transactional service (launched March 2026), and integrations with education-focused fintech platforms Flywire and TransferMate for university fee payments. The company has received in-principle approval from Visa to issue its own-branded forex card program under the BIN sponsorship model (planned Q1 FY27), which will replace its current reliance on reselling cards issued by ICICI and IndusInd banks. Other services include GIC account assistance for Canadian student visas, ISIC cards, doorstep currency delivery, and customised corporate solutions.

The business model is transaction-fee driven across four primary streams: currency exchange (~50% of revenue), forex card sales and reloads (~30%), outward remittances (~16%), and corporate/insurance solutions. Q4 FY26 revenue reached Rs 938.23 crore, up 30.53% year-on-year, but full-year FY26 net profit fell 67.21% to Rs 2.63 crore, indicating razor-thin spreads on high pass-through volume. The company is publicly listed on BSE with a market capitalisation of approximately Rs 91 crore as of March 2026 and operates with 101-250 employees. Ownership and management are concentrated in the Kavad family, with Pavan Kumar Kavad as Managing Director and Kalpesh Kumar Kavad as Whole-Time Director and CFO.

Name

Prithvi Exchange Limit

Legal name

Prithvi Exchange India Limited

Website

https://prithvifx.com

Company type

Public

Founded year

1995

Operating status

Operating

Headcount range

101–250 employees

Short description

Prithvi Exchange (India) Limited is a Chennai-headquartered, BSE-listed RBI-authorized AD-II foreign exchange dealer serving travellers, students, corporates, and families through 38 branches and digital channels, offering currency exchange, forex cards, remittances, and education fee payments.

Ownership category

akta.pro rank

Product category

Foreign Exchange and Remittance Services

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231)

SIC

Finance Services (6199)

akta.pro primary industry

Remittances & Retail FX (Consumer Cross-Border) (FSABAAAK)

akta.pro secondary industries

Cross-Border Payments & FX (multi-currency wallets, DCC, remittance) (THALAHAE), Multi-Currency Accounts, Wallets & IBAN Services (FSAMAIAG), Cross-Border Collections & Local Receiving (Pay-ins) (FSAMAIAI), Merchant-of-Record (MoR) & Payment Facilitation (PayFac) Infrastructure (FSAGABAE)

Keywords

• Foreign exchange services
• Forex cards
• International remittances
• Currency exchange
• University fee payments

Headquarters

HQ city

Chennai

HQ country

India

HQ region

Asia

Offices10 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Supply Chain

Revenue model

1. Currency Exchange: Sale and purchase of foreign currency notes and instruments. Approximately 50% of total revenue. Customers buy/sell major currencies (USD, EUR, GBP, AUD, CAD, SGD, AED, THB, CHF, NZD, JPY) at competitive rates either at branches or via the online portal.
2. Forex Card Sales and Reloads: Issuance, loading, and reloading of multi-currency prepaid forex travel cards. Approximately 30% of total revenue. Currently reselling cards from banks (ICICI, IndusInd) with plans to launch own-branded cards.
3. International Remittances: Outward remittance services under LRS including wire transfers, demand drafts, education fee payments, and family maintenance. Approximately 16% of total revenue. Facilitates university fee payments via Flywire and TransferMate.
4. Corporate Forex Solutions: Customized forex and remittance solutions for businesses including international travel, vendor payments, overseas payroll, and crew wage disbursement for maritime industry.
5. Insurance Broking (Octagon Insurance): Travel insurance products offered through subsidiary Octagon Insurance Broking Private Limited, headquartered in Chennai, providing travel insurance covering accident, sickness, trip cancellation, loss of baggage, and passport loss.

Pricing tiers

Go-to-market motion3 records

Distribution channels7 records

Marketing channels7 records

Core offering

Prithvi Exchange (India) Limited is a Reserve Bank of India-licensed Authorized Dealer Category II foreign exchange company that buys and sells foreign currency notes, issues multi-currency prepaid forex cards, and processes international outward remittances under the Liberalised Remittance Scheme (LRS). Its services span currency exchange for travellers and students, university fee payments (including GIC account assistance for Canada), customized corporate forex solutions for businesses, and crew wage remittances for the maritime industry. The company distributes these services through 38 physical branches across 10 Indian cities, a D2C online forex portal (TravFX), and a WhatsApp-based forex service.

Product overview

Prithvi Exchange (India) Limited operates as a comprehensive, multi-channel foreign exchange and remittance services provider, offering a unified portfolio of products spanning physical and digital channels. The core product suite comprises currency notes (major global currencies), multi-currency prepaid Forex Cards (with a proprietary Visa-branded card in launch), international wire transfers/remittances under RBI's LRS framework, and university fee payment services. These are supported by specialised offerings including GIC account assistance for Canada-bound students (Hello! Canada), corporate forex solutions, crew wage remittances, and travel insurance through the subsidiary Octagon Insurance. The digital layer includes a D2C Online Forex Portal (travfx.prithvifx.com), a Forex on WhatsApp service, and integrations with fintech platforms Flywire and TransferMate for education fee payments. The company serves leisure travellers, business travellers, students, and corporate clients across its physical branch network and online channels.

Differentiator

Problem solved

Functional benefit

Brands

• Octagon Insurance: Travel insurance broking services offered through Octagon Insurance Broking Private Limited, a direct insurance broking company headquartered in Chennai backed by its parent company Prithvi Exchange.

Products and services

• Foreign Currency Notes Purchase and sale of foreign currency notes (USD, EUR, GBP, AUD, CAD, SGD, AED, THB, CHF, NZD, JPY and other major currencies) at competitive, real-time exchange rates with 100% RBI compliance. Offered to travellers, students, and businesses via 38 physical branches, doorstep delivery, and the TravFX online portal.
• Forex Cards (Prepaid Travel Cards) Multi-currency prepaid forex cards enabling customers to load, swipe, and withdraw foreign currency abroad with locked-in exchange rates, 24/7 global support, and ATM access. Available in variants for education, leisure, and business travellers. The company is also launching its own proprietary Visa-branded Forex Card.
• International Wire Transfers and Remittances Outward remittance services for purposes permitted under RBI's Liberalised Remittance Scheme (LRS), including education fees, medical treatment, family maintenance, travel, emigration, and business payments. Processed via wire transfers and demand drafts with full compliance and regulatory reporting.
• University Fee Payments Specialised tuition fee remittance service for students studying abroad, including assistance with documentation, SWIFT remittances, and integration with fintech platforms (Flywire, TransferMate) for seamless university fee transfers.
• Hello! Canada (GIC Account Assistance) Assistance service for students planning to study in Canada, helping open a Guaranteed Investment Certificate (GIC) Account - a key requirement for Canadian student visa applications.
• Customized Corporate Solutions Tailored forex and remittance solutions for businesses engaged in international trade, covering international travel, vendor payments, overseas payroll, and other cross-border transaction needs. Includes volume discounts and dedicated account management.
• Crew Wages / CTM Remittances Specialised compliant wage disbursement solutions for the maritime and airline industries, enabling secure, multi-currency salary transfers to crew members stationed globally.
• Doorstep Delivery of Foreign Currency Home delivery service for ordered foreign currency, providing safe, quick, and convenient delivery to customers' doorsteps in select locations, with free next-day home delivery available.
• ISIC Card (International Student Identity Card) Issuance of the ISIC - the only globally recognized student identity card - for students travelling abroad, providing identification and associated benefits.
• Octagon Insurance (Travel Insurance) Travel insurance products offered through the wholly-owned subsidiary Octagon Insurance Broking Private Limited. Covers accident or sickness, natural calamities, passport loss, trip cancellation, missed flights, and baggage loss. Plans are affordable, instantly issued, and include claims support.
• Fintech Fee Payment Platforms (Flywire, TransferMate) Integration with trusted fintech platforms including Flywire and TransferMate, enabling customers to pay international tuition fees through established education-focused payment rails with secure and fast processing.
• Traveler's Cheques International traveller's cheques accepted and encashed at Prithvi Exchange branches for travellers requiring an alternative to cash and card-based forex solutions.
• Own-Branded Visa Forex Card Proprietary Visa-branded Forex Card to be issued directly by Prithvi Exchange under the BIN sponsorship model, offering secure, convenient, and globally accepted payment solutions for travellers, students, and corporates, pending completion of final regulatory requirements.

Quantifiable outcome

• Rs 938.23 crore quarterly revenue (Q4 FY26), up 30.53% YoY
• +4 more outcomes

Named customers7 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature3 records

Partnerships

Three partnerships are on record, tiered core.

• VisacoreTechnology or Integration · 18 March 2026Prithvi Exchange received in-principle approval from Visa to launch its own Forex Card program under the BIN sponsorship model. This partnership enables the company to issue branded forex prepaid cards, moving away from reselling cards from banks like ICICI and IndusInd. The cards will offer secure, convenient, and globally accepted payment solutions for travellers, students, and corporates, pending completion of final regulatory requirements.
• FlywirecoreTechnology or IntegrationTrusted fintech platform used by Prithvi Exchange to facilitate international tuition fee payments for students studying abroad. Customers can pay international university fees through Flywire's platform with Prithvi Exchange handling the forex component.
• TransferMatecoreTechnology or IntegrationTrusted fintech platform used by Prithvi Exchange for international tuition fee payments. Students and families can use TransferMate through Prithvi Exchange to pay fees to international educational institutions with competitive forex rates.

Scale indicators10 records

Recent moves16 records

Expansion highlights6 records

Direct peers

• Centrum Direct: Centrum Direct is the forex and remittance arm of Centrum Group, operating as an RBI-authorized AD-II with branches across India. It directly competes in currency exchange, forex cards, and outward remittances targeting retail travellers, students, and corporate clients.
• Unimoni (formerly UAE Exchange India): Unimoni operates as an RBI-authorized AD-II with a wide Indian branch network focused on outward remittances and currency exchange. It is a direct competitor in the cross-border remittance and forex card segments, particularly for the Indian diaspora and student segments.
• Muthoot Forex: Muthoot Forex is a Bengaluru-headquartered RBI-authorized AD-II money changer and part of the Muthoot Group. It directly competes with Prithvi Exchange in retail foreign exchange, forex cards, and outward remittances, with comparable branch-based distribution in South India.
• BookMyForex: BookMyForex is an online-first Indian forex marketplace aggregating currency exchange, forex cards, and outward remittances. It directly competes with Prithvi's TravFX D2C portal by offering rate comparison and doorstep delivery, though without Prithvi's branch network or in-house remittance execution.
• Thomas Cook (India) - Forex Services: Thomas Cook India's forex division operates as an RBI-authorized AD-II offering currency exchange, forex cards, and outward remittances. It directly competes with Prithvi Exchange in retail and corporate forex, with stronger brand recognition in travel but similar product breadth.

Emerging players

• Niyo Solutions: Niyo is a digital-first Indian fintech offering multi-currency forex cards and travel-focused banking products for salaried employees and outbound travelers. It overlaps with Prithvi's forex-card stream but targets a more urban, salaried digital-native customer.

Broad incumbents

• Western Union (India operations): Western Union operates cross-border money transfer services in India through partner banks and exchange houses. It is a broad incumbent competitor in outward remittances, particularly for education-fee and family-maintenance use cases that overlap with Prithvi's remittance stream.
• ICICI Bank - Forex & Remittances: ICICI Bank is a leading Indian private bank offering forex cards, currency exchange, and outward remittances. It is both a competitor to Prithvi's retail forex business and a former partner supplying the ICICI-issued forex cards that Prithvi currently resells.
• HDFC Bank - Forex & Remittances: HDFC Bank operates one of India's largest retail forex and outward remittance franchises as an AD-I bank. It competes with Prithvi across retail currency exchange, forex cards, and LRS remittances, with materially larger balance sheet and digital distribution.
• Federal Bank (Fedbook Forex / Feddy): Federal Bank is a major Indian private-sector bank offering retail forex, forex cards, and outward remittances under its own AD-I license. It is a broader incumbent competitor with deeper deposit base and larger scale, competing across Prithvi's retail and NRI remittance segments.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/prithviexchange
• YouTubeyoutube.com/@PrithviExchangeDigital
• Facebookfacebook.com/PrithviExchange
• LinkedInlinkedin.com/company/prithvi-softech-limited
• Instagraminstagram.com/prithviexchange

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Prithvi Exchange Limit