By Nesil Staney
Prithvi Exchange, an outward forex remitter, plans foray into new international markets such as Germany, New Zealand, Austria, Dubai, Singapore and France, where Indian students are now increasingly flocking to. The total market for education-related outward remittances in India stands at $3.5 billion.
The firm also plans to launch an insurance broking vertical, enter family maintenance remittance segment, and is open to strategic investors, said Pavan Kumar Kavad, managing director and promoter. It will also add 6-8 branches in tier-2 cities this year.
In the past one year, Chennai-headquartered Prithvi handled about $150 million in remittances, mostly for education. A decline in global student travel due to geopolitical issues in the big four markets – Canada, the US, the UK and Australia – slowed overall remittances, said Kavad.
Canada recorded the sharpest drop, with Indian student enrolments falling by 41% – from 233,500 in 2023 to 137,600 in 2024. The UK saw a 28% decline, the US number dropped by 13% and Australia saw a 12% fall. Despite these declines, these four countries accounted for 72% of Indian students abroad in 2024.
On the other hand, new markets are on the rise. Germany, in particular, witnessed a 68% jump in Indian student intake between 2022 and 2024. New Zealand saw a 354% rise – from 1,600 in 2022 to 7,300 in 2024, with welcoming visa policies.
In the past two years, Prithvi expanded its domestic footprint by adding 15 branches. Its stock price rose from Rs 79 in November 2023 to Rs 522 in September 2024. It is now down to Rs 150. It also specializes in remittances for travel and business, with a market share of 3-4%. The company recorded a PBT of Rs 10.95 crore and a net profit of Rs 8.11 crore last financial year. It has a market capitalisation of Rs 126 crore.
It has several corporate clients, including Hexaware and Page Industries. Apart from the listed peer, Wall Street Finance, it competes with Thomas Cook India and EBIX, both larger players.