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MoneyGram India Reviews

Mumbai, Maharashtra

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MoneyGram India Private Limited is an unlisted private company incorporated on March 23, 2006, and classified as a non-government organization. Governed under the Companies Act as a company limited by shares, the firm is registered with the Registrar of Companies (RoC-Mumbai) in Maharashtra, India. It functions as a prominent cross-border financial services provider and acts as a strategic branch of its global fintech parent organization, MoneyGram International Inc., which was acquired by the private equity firm Madison Dearborn Partners in June 2023. MoneyGram itself is a globally recognized leader in peer-to-peer payments and money transfers, operating in over 200 countries with a vast distribution network. In India, MoneyGram operates under the strict regulatory oversight of the Reserve Bank of India (RBI) through the Money Transfer Service Scheme (MTSS). To adhere to local compliance and foreign exchange regulations, the business model primarily functions through established institutional relationships with 18 domestic banks and authorized partner agencies rather than maintaining direct individual operations. Prominent financial entities, such as Saraswat Bank, offer inbound global remittance services utilizing the MoneyGram international network, enabling migratory workers or overseas relatives to send secure real-time funds to beneficiaries in India via digital bank deposits or physical cash pickup at designated locations. Under standard MTSS limits, single inbound transactions are capped at USD 2,500 with cash payouts limited to INR 50,000, and individual beneficiaries can receive a maximum of 30 transactions within a calendar year. From a financial standing, the corporate identification number (CIN) of the Indian entity is U74120MH2006PTC160682. The company possesses an authorized share capital of INR 1.00 crore and a fully paid-up capital of INR 1.00 crore. Its operating revenue falls within the range of INR 75 crore to INR 100 crore, showing stable year-on-year growth across key metrics, including total operating revenue, net sales revenue, and overall total equity. Its operational leadership is managed by a board of directors that has historically included executives such as Grant Anthony Lines, Amit Bhargava, Lawrence Angelilli, and Hamish Joseph Dlemos. While the global corporate headquarters of the parent entity is located in Dallas, Texas, USA, MoneyGram India Private Limited maintains its registered corporate offices within major commercial complexes in Mumbai, Maharashtra, with notable operational locations recorded over time at the Platina and Jet Airways-Godrej BKC buildings in the Bandra Kurla Complex (BKC), as well as the Dynasty Business Park in Andheri East.