Isha Siraj Kedia, founder of DoorstepForex.com is aiming at bringing transparency and innovation to the forex industry. She explains to Team NewsBarons about her efforts in simplifying forex exchange process for her customers, the multiple product and multi-city services by DoorstepForex to all segments of international travelers and the planned launch of her app.
NB: Please explain the concept and working of DoorstepForex?
Isha: DoorstepForex.com is India’s leading Foreign Exchange marketplace. It enables customers to buy, sell & remit more than 20 different currencies from the comfort of their home or office and thus, eliminating the waste of time and effort to check forex rates physically at banks or money exchange centers. It aims to bring transparency and innovation to the Forex industry by offering multiple Forex product options like, currency notes, traveler’s cheques, prepaid forex cards, overseas money transfer, and foreign currency demand drafts.
For any frequent traveler, buying or selling forex is often a nightmare involving multiple follow ups and doubts about the exchange rates. DoorstepForex.com makes it hassle-free.
NB: What is the USP of DoortepForex?
Isha: Doorstepforex’s strength lies in their approach towards serving their customers. With our unparalleled network and simple user interface, customers can place orders on their mobile and either collects the forex from any of their more than 200 plus partner network centres or get it delivered for free without any conditions, whatsoever. Today, in this fast paced life, agility and convenience are prerequisites.
NB: Forex is a highly competitive segment. How do you compete with other multiple apps/offline institutions offering the same services?
Isha: Our reach is one of our strong points and the competition is primarily with ourselves where we strive to do better each day. DoorstepForex.com offers services to all segments of international travelers which include leisure travelers, students pursuing or looking to pursue education overseas, business travelers, emigrants and patients travelling overseas for medical treatment. Feedback from our customers is what helps us grow and learn.
NB: What is your geographical strength?
Isha: Currently, we are serving in 60 cities in India and have more than 200 order fulfillment centers.
NB: What has been your y-o-y/m-o-m growth percentage?
Isha: Since its inception in 2015, the company aimed at addressing the pain points that customers have regard to buying and selling forex. We have been seeing excellent traction month on month and our repeat customer base is more than 30 percent. We have more than 15000 happy and satisfied customers and have grown 7x in last 6 months. Our average ticket size is around Rs. 50000. We aim to grow 10x in next 1 year
NB: What are the challenges that you face in user acquisition?
Isha: The primary challenge is that customers are not completely aware that Forex is available at a click now.
NB: What is your revenue model?
Isha: We follow a combination of Affiliate and Sales Model.
NB: Are you looking at raising funds? If yes, where do you intend to utilize it?
Isha: Yes, we are looking at that. We would be investing in the technology and automation along with adding other products to our existing suite. Mobile platform is the key going forward and we will ensure best experience for the customers on this platform. Our strength lies in our approach to serving our customers.
NB: How do you wish to capitalize on the exponentially growing smart phone users in the country?
Isha: For 2017-18, our primary focus is to invest substantially in the brand and technology. Currently, we have a pretty simple Mobile User Interface which ensures that customers can place the orders on the move. We will be coming up with an app later this year and also intend to have KYC authentication through Aadhaar.