Mulya provides virtual foreign bank accounts that allow Indian businesses to receive international payments directly, ensuring compliance with Indian regulations such as GST. By eliminating forex markup and offering transparent pricing, Mulya enables users to save up to 70% on withdrawal fees compared to traditional methods.
Funding
Funding not disclosed
Founders
Product
Problem
Indian businesses face challenges in receiving international payments directly due to complexities in complying with local regulations like GST and dealing with high forex markup and withdrawal fees from traditional methods.
Solution
Mulya provides Indian businesses with virtual foreign bank accounts to receive international payments directly, ensuring compliance with Indian regulations. By offering transparent pricing and eliminating forex markup, Mulya enables users to save significantly on withdrawal fees compared to traditional methods. The platform issues free e-FIRS within 24 hours, ensuring compliance with Indian GST and tax regulations. Mulya partners with foreign and Indian banks, and financial platforms to operate as an aggregator, providing secure payments fully compliant with FEMA regulations.
Target Audience
The primary target audience includes Indian businesses, freelancers, and exporters who receive international payments and seek a compliant and cost-effective solution for managing foreign currency transactions.
Features
- Virtual foreign bank accounts in multiple countries, including USD.
- Transparent pricing with zero forex markup, displaying the exact conversion rate before withdrawal.
- Free e-FIRS issued within 24 hours by banks like JPMorgan Chase and Yes Bank.
- Integration with multiple platforms for withdrawals.
- Military-grade 256-bit encryption for data security.
- Compliant with RBI's OPGSP (now PA-CB) guidelines.
- Real-time tracking of payments and withdrawals.