Fintech startup Niyo has signed a definitive agreement to acquire the forex and cross-border business of Capital India Finance, operated under the RemitX brand.
The acquisition will give digital-first Niyo an established offline distribution network comprising 32 branches and more than 2,500 partners across the country.
More than 200 RemitX employees are expected to join Niyo’s subsidiary Kanji Forex after the deal closes, which is expected by October 31.
Fintech soonicorn NiYO
has signed a definitive agreement to acquire the forex and cross-border payments business of listed financial services company Capital India Finance, operated under the RemitX brand, for ₹11.4 Cr.
The transaction will be undertaken through Niyo’s wholly owned subsidiary Kanji Forex Pvt Ltd, which operates under an RBI Authorised Dealer Category-II (AD-II) licence.
Capital India Finance’s board yesterday approved the transfer of assets related to RemitX to Kanji Forex. The transaction is expected to be completed by October 31, 2026, subject to regulatory approvals and the fulfilment of other conditions.
Following the completion of the deal, Capital India Finance will apply to surrender its AD-II licence, it said in an exchange filing.
The financial services company said the divestment is part of its long-term strategy to consolidate its operations and focus on its NBFC platform and digital businesses under RapiPay.
The acquisition will add RemitX’s 32 branches across 16 states and more than 30 cities to Niyo’s network, taking the fintech startup’s physical footprint to over 40 locations nationwide.
RemitX also has more than 2,500 distribution partners, including travel agents, overseas education consultants, and corporates. Over 200 RemitX employees, including members of its leadership team, are expected to join Kanji Forex after the transaction is completed.
The deal will allow Niyo to combine its digital platform for international travel and cross-border payments with RemitX’s branch- and partner-led distribution network.
The combined business will offer foreign currency, forex cards, and outward remittance services through physical branches and digital channels. Niyo said the expanded network would also help it reach customers in Tier II and III cities amid growing demand for overseas travel and education.
RemitX contributed ₹24.9 Cr to Capital India Finance’s consolidated turnover in FY26, accounting for 4.68% of the total. The forex business had net assets of ₹28.3 Cr as of March 31, 2026.
Niyo’s Forex Push
Founded in 2015 by Vinay Bagri and Virender Bisht, Niyo offers digital banking and travel-related financial services to international travellers, students, and professionals.
Its offerings include international debit and credit cards, outward remittances, forex cash, flights, visa assistance, travel insurance, and international eSIMs.
Niyo’s zero-forex-markup card allows users to load money in Indian rupees and spend in more than 180 countries without paying an additional forex markup. The startup has partnered with DCB Bank, SBM Bank, and Visa to offer its card products.
Niyo has raised close to $180 Mn to date and counts Accel, Lightrock, Multiples, Tencent, and Prime Venture Partners among its investors.
In FY25, the startup narrowed its net loss by about 46% to ₹77.8 Cr from ₹143.5 Cr in the previous fiscal year. Its operating revenue rose 32% YoY to ₹123.4 Cr during the year.
The RemitX acquisition is the latest step in Niyo’s push into regulated forex services and cross-border payments.
Niyo entered the regulated forex market in 2025 by acquiring Mumbai-based Kanji Forex, gaining access to an AD-II licence.
Earlier this month, the RBI granted Kanji Forex a perpetual AD-II licence with an expanded scope, allowing it to facilitate additional transactions, including trade and family-maintenance remittances. The licence also allows Kanji Forex to expand its branch network without seeking separate approval for every new location.
This followed the RBI’s revision of the AD-II framework in May 2026 to expand the scope of such licences to cover nearly all permissible non-trade current-account transactions.
