### **Overview** Prithvi Exchange (India) Limited is a well-established, RBI-licensed **Authorized Dealer Category II (AD Cat II)** in the foreign exchange sector, with over **30 years of operations** since its inception in 1995. Headquartered in **Chennai, Tamil Nadu**, the company has built a strong reputation as a trusted provider of foreign exchange services across India and is actively positioning itself for international expansion. Listed on the **Bombay Stock Exchange (BSE)**, Prithvi Exchange serves a diverse clientele through a growing network of **32 branches** across **25 cities** in India. The company is known for its customer-centric approach, technological innovation, and strategic partnerships, particularly with public sector banks like the State Bank of India. --- ### **Business Operations & Services** Prithvi Exchange offers a comprehensive suite of foreign exchange products and services tailored to both individual and institutional customers: - **Foreign Currency Exchange** (cash) - **Multi-Currency Travel Cards** (including a new proprietary card in development) - **International Remittances** (via telegraphic transfer, demand drafts, etc.) - **Foreign Currency Demand Drafts** - **Family Expense Maintenance Services** - **Travel Insurance** - **Outward Remittances for Education, Medical Treatment, Employment, and Tourism** The company supports key outbound travel purposes such as education, leisure, pilgrimage, medical treatment, and business, aligning its offerings with evolving market demands. --- ### **Customer Segments** The company caters to a premium and diversified customer base, including: - **Corporate travelers** from IT, manufacturing, and service sectors - **Students studying abroad** (particularly in the US, UK, Canada, and Australia) - **Government organizations and PSUs** - **Celebrities and Ultra-High-Net-Worth Individuals (UHNIs)** - **Frequent leisure travelers and group tour participants** - **Pilgrims and medical tourists** With the growth of India’s outbound travel market—projected to reach **$19 billion**—and increasing participation from millennials and Gen Z, Prithvi Exchange is strategically targeting youth-driven group travel and digital engagement. --- ### **Key Developments (2023–2025)** #### **Branch Network Expansion** - As of **November 2025**, the company operates **32 branches** across 25 Indian cities. - Notable recent expansions include new branches in **Surat, Amritsar, Noida, Kanpur, Nagpur, Anand, Salt Lake (Kolkata), and Trichy**. - Future plans include organic growth across **Northern and Central India**, with a focus on **Punjab, West Bengal, Kerala, and Madhya Pradesh**. #### **Digital Transformation** - Launched **"TravFX – Forex in India"** (July 2022), a digital platform enabling online forex purchases, remittances, and card bookings. - Emphasizes **digital KYC**, including pilot projects for **video-KYC in Visakhapatnam**. - Developing a **state-of-the-art digital ecosystem** to allow end-to-end online service delivery, enhancing accessibility and compliance via RBI’s **Form A2 online submission system**. #### **Strategic Partnerships** - **Empaneled by State Bank of India (SBI)** as an Authorized Money Changer (confirmed May & August 2025), allowing Prithvi to deliver forex services through **SBI’s nationwide branch network**—a competitive win over other AD Cat II players. - Collaborates with various **banks, travel agencies, and educational consultants** to expand reach and service integration. #### **Product Innovation** - In development: A **proprietary multi-currency forex card** (launch expected in H2 FY 2025–2026), enabling the company to transition from distributor to **issuer**, improving margins and customization. - Identifying **"Cash to Master"** (conversion of foreign cash into prepaid cards) as a key growth lever with significant revenue potential. #### **International Expansion Plans** - Targeting international markets with high Indian student inflows, including: - **Germany, France, Austria, Singapore, New Zealand, and Dubai** - Evaluating **inorganic growth and joint ventures** abroad, particularly in **Canada and Singapore**. --- ### **Market Challenges & Trends** - **H2 FY 2025 Observations:** - **Decline in personal travel forex demand** due to geopolitical tensions affecting global travel. - **Reduced Hajj pilgrimage quota** for Indian citizens, impacting high-volume remittance corridors. - **Student visa backlogs** in the US, UK, and Canada led to delayed remittances. - **Canadian student enrollment dropped by 41% YoY**, significantly affecting remittance volumes. - Despite challenges, **outbound travel recovery** continues post-pandemic, supported by global border reopenings, resumption of international flights (since March 2022), and major global events (e.g., FIFA and ICC World Cups) driving leisure travel. --- ### **Leadership & Governance** - **Mr. Pavan Kumar Kavad** – Key promoter and operational leader with **over 13 years of experience** at the company. - Leads **operations, wholesale division, and customer service**. - Holds **18.30% equity stake** in Prithvi Exchange (India) Ltd. - Expertise in **treasury management, business development, digital transformation, and growth strategy**. - Director in related entities: **Prithvi Global Fx Private Limited** and **Octagon Insurance Broking Private Limited**. --- ### **Awards & Recognition** - **Tamil Nadu Tourism Award** for *'Best Forex Service'* - **ASSOCHAM Tourism and Hospitality Award 2018** - Recognized in the **Fortune India 500 List** (as of December 2023 quarter)