Mumbai, March 16, 2022: Thomas Cook (India) Limited – India’s leading omnichannel Travel & Foreign Exchange services company has earmarked the overseas education segment as a significant and growing opportunity. Having surpassed its pre-pandemic levels, the Company has enhanced its Study Buddy student portfolio in a strategic initiative to target this viable segment. Foreign Exchange is a noteworthy driver of the Company’s business and has continued to deliver 40% growth Q-o-Q. The Forex Business serves over 1 Mn customers every year, 1000+ corporate clients, 1 Mn+ live forex prepaid card users, over 1 Lakh students studying overseas.
In a focussed endeavour to support its student customers during the pandemic, Thomas Cook’s Foreign Exchange business deployed its Digital First strategy to accelerate transition to its virtual platforms – ensuring safe and contactless processes. In addition to overseas remittances to provide urgent financial assistance to students and top up/reloads of their forex prepaid cards within 2 hours, the Company’s forex teams launched a valuable Ghar pe Forex service – with doorstep delivery within 2 hours.
As per a survey by strategy consultants RedSeer, approximately 7.70 lakh Indian students studied overseas in 2019 with a 160% increase to 2 Mn. expected by 2024. Further, with Indian students being unable to attend their academic year on campus for over two years, 2022 is witnessing a significant resurgence in demand. Thomas Cook India’s internal data reiterates this opportunity with a strong uptick in demand, and hence to capitalise on the student opportunity, the Company has enhanced its Study Buddy program.
The range of services include:
· End-to-End Portfolio: Application Fees, University Fees, Living Expenses, Student Fee Remittances, Prepaid card, cash
· Forex delivery in 2 hours #GharpeForex
· Reload of Forex Prepaid Cards within 2 hours
· University Remittances in 4 easy steps; within 24 hours
· Contactless & Frictionless services via Thomas Cook India’s hybrid Clicks & Mortar model
In addition, Thomas Cook’s data indicates noteworthy growth emerging from India’s tier 2, 3, 4 cities like Nagpur, Salem, Lucknow, Bhubaneswar, Aurangabad, Jaipur, Varanasi, Calicut, Hubli, etc. Hence to offer its students a hassle free experience, Thomas Cook’s Study Buddy program ensures convenience, security and contactless services via India’s largest phygital network – its online Forex Store and extensive 100+ branches over 65 cites pan India and supported by a strong forex call centre.
4 Simple Steps to get Forex
1. Log in (link) and choose desired currency and amount
2. Enter student details and delivery option
3. Make payment online
4. Get order confirmation
“Despite the challenging backdrop of the pandemic, our Foreign Exchange teams displayed commendable agility and innovation to deliver services like our Ghar pe Forex with delivery in 2 hours, a simple 4-click online booking process and quick and seamless remittances that served in bringing our store to the student’s home.”Mr. Deepesh Varma, Senior Vice President, Foreign Exchange, Thomas Cook (India) Limited
“Despite the challenging backdrop of the pandemic, our Foreign Exchange teams displayed commendable agility and innovation to deliver services like our Ghar pe Forex with delivery in 2 hours, a simple 4-click online booking process and quick and seamless remittances that served in bringing our store to the student’s home.”
“Our Forex business has continued to deliver strong 40% Q-o-Q growth and the overseas education segment has been a key pivot in our revival strategy. Having already clocked growth of over 120% vs our pre-pandemic levels, we are truly bullish about the student segment. Our unique Study Buddy program has been enhanced to offer students a wide range services that ensures smooth, seamless and secure transactions for all education related requirements from the safety of their home.” Mr. Deepesh Varma, Senior Vice President, Foreign Exchange, Thomas Cook (India) Limited
“Our Forex business has continued to deliver strong 40% Q-o-Q growth and the overseas education segment has been a key pivot in our revival strategy. Having already clocked growth of over 120% vs our pre-pandemic levels, we are truly bullish about the student segment. Our unique Study Buddy program has been enhanced to offer students a wide range services that ensures smooth, seamless and secure transactions for all education related requirements from the safety of their home.”
We empower our students whether based in India’s metros or Tier 2-3 cities and towns with the convenience and choice of our phygital network: they get to choose their preferred mode of interaction, be it our online forex store, call centre or extensive physical presence – over 100 stores in 65 cities across the Country.
The overseas education segment offers significant and growing potential and this is an opportunity that we intend to leverage to the maximum.”
About Thomas Cook (India) Limited:
Set up in 1881, Thomas Cook (India) Limited. (TCIL) is the leading omnichannel travel company in the country offering a broad spectrum of services including Foreign Exchange, Corporate Travel, MICE, Leisure Travel, Value Added Services, Visa and Passport services. It operates leading B2C and B2B brands including Thomas Cook, SOTC, TCI, SITA, Asian Trails, Allied T Pro, Australian Tours Management, Desert Adventures, Luxe Asia, Travel Circle International Limited (TCI 勝景遊), Sterling Holiday Resorts Limited, Distant Frontiers, TC Tours, Digiphoto Entertainment Imaging (DEI), Go Vacation, Private Safaris East & South Africa
As one of the largest travel service provider networks headquartered in the Asia-Pacific region, The Thomas Cook India Group spans 25 countries across 5 continents
TCIL has been felicitated with CNBC-TV18 & ICICI Lombard India Risk Management Award – Travel & Leisure Category 2021, The Best Travel Agency – India at TTG Travel Awards 2019, The Best Outbound Tour Operator at the Times Travel Awards 2018 & 2019 and Leading Company with Cutting Edge Travel Innovation at the Times Travel Awards 2018, Silver award for Asia’s Best Integrated Report (First Time) category at the Asia Sustainability Reporting Awards 2019, Best Risk Management-Framework & Systems at the India Risk Management Awards 2019; Best Cash Management Solution – India at the Asset Triple A Treasury, Trade, Supply Chain & Risk Management Awards 2018, Best Outbound Tour Operator at the SATTE Awards 2019, Excellence in Domestic Tour Operations at the SATTE Awards 2018, The French Ambassador’s Award for Exemplary Achievements in Visa Issuance – 2015 to 2019 and the Condé Nast Traveller – Readers’ Travel Awards from 2011 to 2019.
CRISIL has reaffirmed the rating on debt programmes and bank facilities of Thomas Cook (India) Limited – ‘CRISIL A+/Negative on the long-term bank facilities of TCIL and CRISIL A1 rating on the short-term bank facilities and short- term debt of the Company. For more information, please visit www.thomascook.in
Fairbridge Capital (Mauritius) Limited, a subsidiary of Fairfax Financial Holdings Limited promotes TCIL by holding 65.60% of its paid-up capital and is responsible for the execution of acquisition and investment opportunities.
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