Niyo

Funding rounds

Timeline

• 2018
• Jan 2018 Series A: $13.2 million Inc42
• 2019
• Jul 2019 Series B: $35 million led by Horizons Ventures and Tencent Inc42
• 2022
• Feb 2022 Series C: $100 million led by Accel and Lightrock India Business Standard
• Jul 2022 $30 million 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

The short version

• 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

Deals and partnerships

Products

• 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

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 legal

• 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 story on Niyo

• NINiyo · Results · 1 October 2026 · ₹178 CrNiyo income rises 78% to ₹178 croreNiyo is a travel fintech selling forex cards, remittances, flights, hotels, eSIMs and insurance, with its own forex licence
• NINiyo · Policy · 8 September 2026Niyo wins GIFT City payment licenceNiyo received a Payment Service Provider licence from the IFSCA, the GIFT City regulator, announced on 8 September 2026
• NINiyo · Acquisition · 1 September 2026 · ₹11.4 CrNiyo acquires RemitX forex business for ₹11.4 croreNiyo provides digital banking services, zero-forex debit cards, and credit cards for international travelers
• NINiyo · Policy · 3 August 2026Niyo Forex gets permanent RBI dealer licenceThe Reserve Bank of India gave Niyo Forex a perpetual Authorised Dealer Category II licence in August 2026
• NINiyo · Launch · 17 April 2026Niyo launches zero-markup forex modelNiyo introduced a zero-markup model in April 2026 for buying and selling foreign currency through its Niyo Forex arm
• NINiyo · Launch · 1 April 2026Niyo Forex opens Chennai branchNiyo opened a Niyo Forex branch in Chennai on 1 April 2026 to serve people travelling abroad from Tamil Nadu

• NINiyo · People · 9 February 2026Niyo brings back Sai Sankar as forex chiefNiyo named Sai Sankar its Chief Business Officer for the forex business in February 2026, announced on a Monday
• NINiyo · Results · 23 October 2025 · ₹78 CrNiyo cuts FY25 net loss 55% to ₹78 croreNiyo narrowed its net loss for the financial year ended March 2025 by about 55 percent to roughly ₹78 crore
• NINiyo · Funding · 12 July 2022 · $30 millionNiyo raises $30 million from MultiplesNiyo took $30 million from Mumbai private equity firm Multiples Alternate Asset Management in July 2022
• NINiyo · Funding · 24 February 2022 · $100 millionNiyo bags $100 million Series CNiyo closed a $100 million Series C round in February 2022, its largest raise so far
• NINiyo · Funding · 9 July 2019 · $35 millionNiyo raises $35 million Series B led by TencentNeobanking startup Niyo closed a $35 million Series B round in July 2019, more than doubling what it had raised before
• NINiyo · Funding · 15 January 2018 · $13.2 millionNiyo Solutions raises $13.2 million Series ANiyo Solutions, a young digital banking startup, closed a Series A round worth $13.2 million in early 2018