‹ StopDownNiyo

Niyo

Travel fintech with forex cards, remittances and digital banking

BengaluruFounded 2015FintechPrivateWebsite ↗LinkedIn ↗
~$180MTotal raisedJul 2022
₹178 CrIncomeFY26
₹33 CrLossFY26
◎The short version9 key points
  • Niyo is a Bengaluru fintech started in 2015, known for travel cards and foreign currency services.Entrackr
  • It also sells remittances, flights, hotels, eSIMs and insurance, and holds its own forex licence.Entrackr
  • It raised $13.2 million in Series A in January 2018 and $35 million in Series B in July 2019, led by Horizons Ventures and Tencent.Inc42Inc42
  • A $100 million Series C in February 2022 was led by Accel and Lightrock India, followed by $30 million from Multiples in July 2022.Business StandardYourStory
  • The company said it had raised about $180 million in total by mid 2022.YourStory
  • Its forex arm is run through Kanji Forex, which got a permanent RBI Authorised Dealer Category II licence in August 2026.CNBC TV18
  • In September 2026 it agreed to buy the RemitX forex business from Capital India Finance for ₹11.4 crore, adding 32 branches.Indian Startup NewsEntrackrInc42
  • IFSCA, the GIFT City regulator, gave it a Payment Service Provider licence in September 2026.CNBC TV18
  • Income rose 78 percent to ₹178 crore in FY26 while the loss fell 58 percent to ₹33 crore.Entrackr
↗Timeline12 events
2018
Jan 2018

Series A: $13.2M

Inc42
2019
Jul 2019

Series B: $35M led by Horizons Ventures and Tencent

Inc42
2022
Feb 2022

Series C: $100M led by Accel and Lightrock India

Business Standard
Jul 2022

$30M from Multiples Alternate Asset Management

YourStory
2025
Oct 2025

FY25 net loss cut about 55 percent to about ₹78 crore

Inc42
2026
Feb 2026

Sai Sankar returned as Chief Business Officer for forex

ET BFSI
Apr 2026

Opened a Niyo Forex branch in Chennai

Business Standard
Apr 2026

Launched a zero-markup forex model

ET TravelWorld
Aug 2026

RBI granted a perpetual AD II licence to Kanji Forex

CNBC TV18
Sep 2026

Agreed to acquire RemitX forex business for ₹11.4 crore

Indian Startup NewsEntrackrInc42
Sep 2026

Won a Payment Service Provider licence from IFSCA at GIFT City

CNBC TV18
Oct 2026

FY26 income up 78 percent to ₹178 crore

Entrackr
₹Funding4 rounds
$13.2MA$35MB$100MC$30MG

Bar height shows relative size of each round.

Series AJan 2018
$13.2 million
Social Capital, JS Capital, Horizons Ventures, Prime Venture Partners
Inc42
Series BJul 2019
$35 million
Horizons Ventures (lead), Tencent (lead), JS Capital
Inc42
Series CFeb 2022
$100 million
Accel (lead), Lightrock India (lead), Beams Fintech Fund, Prime Venture Partners, JS Capital
Business Standard
GrowthJul 2022
$30 million
Multiples Alternate Asset Management
YourStory
⇄Deals and partnerships1 items
Sep 2026RemitX forex business

Bought from Capital India Finance through Kanji Forex; adds 32 branches across 16 states, over 200 staff and 2,500 distribution partners

₹11.4 croreIndian Startup NewsEntrackrInc42
▣Products3 items
Niyo Forex

Foreign currency buying and selling, with branches and an app. Offers a zero-markup model that trades at live market rates.

ET TravelWorld
Zero-forex cards

Debit and credit cards for people spending abroad, built to cut conversion costs.

Indian Startup News
Travel services

Remittances, flights, hotels, eSIMs and insurance sold on the same app.

Entrackr
●People3 people
Vinay Bagri

Co-founder and CEO; earlier worked at ICICI Bank, Standard Chartered and Kotak Mahindra Bank.

Indian Startup News
Virender Bisht

Co-founder and CTO; builds software products for fintech.

Indian Startup News
Sai Sankar

Chief Business Officer for forex since February 2026; earlier spent nearly eight years as a founding team member.

ET BFSI
§Licences and legal2 items
Aug 2026

RBI gave Kanji Forex a perpetual Authorised Dealer Category II licence, covering trade and family maintenance remittances.

CNBC TV18
Sep 2026

IFSCA gave Niyo a Payment Service Provider licence to build international services from GIFT City.

CNBC TV18

Every line links to the article it came from, written in our own words. Not investment advice.