Thomas Cook India bullish on the Education Forex Segment Post pandemic recovery in 2021, exceeds 120% of pre-pandemic levels

Redesigns and Enhances “Study Buddy” Student Portfolio to offer significant benefits to Indian students looking to study overseas

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.

  • Thomas Cook – India’s largest Foreign Exchange service provider
  • 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, secure transactions
  • End-to-End services: Application Fees, University Fees, Living Expenses, Student Fee Remittances, Prepaid card, cash…
  • Hybrid Model: Clicks & Mortar – Multiple Digital platforms + largest physical network pan India; 18 counters at leading airports

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

  • Log in (link) and choose desired currency and amount
  • Enter student details and delivery option
  • Make payment online
  • Get order confirmation

Mr. Deepesh Varma, Senior Vice President, Foreign Exchange, Thomas Cook (India) Limited said, “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.”

He added, “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.”

Thomas Cook

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, 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.
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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.
About Fairfax Financial Holdings Limited: Fairfax Financial Holdings Limited is a holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management. Founded in 1985 by the present Chairman and Chief Executive Officer, Prem Watsa, the company is headquartered in Toronto, Canada. Its common shares are listed on the Toronto Stock Exchange under the symbol FFH and in U.S. dollars under the symbol FFH.U.
About Subsidiaries of Thomas Cook (India) Limited:
Sterling Holiday Resorts Limited, a wholly owned subsidiary of TCIL, is a leading Indian Leisure Hospitality company with 37 resorts across the country, providing a variety of offerings: Leisure holidays through FIT packages, Meetings & Conferences, Weddings, Reunions, Picnics and Holidays through Memberships.
SOTC Travel Limited, a wholly owned subsidiary of TCIL, is a leading omnichannel travel and tourism company active across various travel segments including Leisure Travel, Incentive Travel and Business Travel.
Travel Corporation (India) Limited (TCI), a wholly owned subsidiary of TCIL, is the leading Destination Management Company in India that offers tailor-made travel and related services to India, Nepal, Bhutan and Sri Lanka.
Thomas Cook India Group holds 51% stake in DEI Holdings Limited (DEI), one of the world’s leading imaging solutions and services providers.
About SOTC Travel: SOTC Travel Limited is a step-down subsidiary of Fairfax Financial Holdings held through its Indian listed subsidiary, Thomas Cook (India) Limited (TCIL). SOTC India is a leading omnichannel travel and tourism company active across various travel segments including Leisure Travel, Incentive Travel and Business Travel.
SOTC was established in 1949. Since then, it has escorted millions of travellers across the globe for more than 70 years to various destinations around the world. A new age innovative holidaymaker, SOTC strives to make holidays a priority for every Indian. ‘We are for holidays’ and we want Indians to prioritize their holidays.

This article was shared with Prittle Prattle News as a Press Release

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