Travel fintech platform Niyo had a strong FY26, with its income growing sharply while its losses came down significantly during the year.
Niyo’s consolidated income increased 78% year-on-year to Rs 178 crore in FY26, compared with Rs 100 crore in FY25.
At the same time, the company managed to reduce its loss by 58% to Rs 33 crore from Rs 78 crore in the previous financial year.
The improvement came as Niyo became more efficient across different parts of its business. The company also used artificial intelligence (AI) to improve customer service, operations, marketing and product development.
Building a Digital Travel Banking Business
Founded in 2015 by Vinay Bagri and Virender Bisht, Niyo focuses on digital banking and financial services for international travellers and students.
Its products include international debit and credit cards, remittances, forex cash, flights, visa assistance, travel insurance and international eSIMs.
One of Niyo’s key products is its zero forex markup card.
The card allows customers to load Indian Rupees and use the money in more than 180 countries without paying the usual forex markup. Niyo has partnered with DCB Bank, SBM Bank and Visa to offer these services.
Expenses Grow, But Slower Than Revenue
Niyo’s operating expenses increased 20% to Rs 201 crore in FY26 from Rs 168 crore in FY25.
While expenses went up, they grew much slower than the company’s revenue, helping Niyo improve its overall financial performance.
Employee costs increased 17% to Rs 92 crore from Rs 79 crore.
A major reason behind the increase was Niyo’s acquisition and expansion of the Kanji Forex business under its own AD2 licence.
The company added more than 200 employees to support the Kanji business and expand its physical presence across different parts of India.
Despite these additional investments, Niyo’s EBITDA loss almost halved to Rs 32 crore in FY26 from Rs 77 crore in FY25.
Niyo Looks Beyond Travel Cards
Niyo is also working to reduce its dependence on its core travel products by adding more revenue streams.
The company is seeing growing contributions from forex cash, remittances, flights, hotels, travel experiences, international eSIMs and insurance.
Instead of depending on a single product, Niyo is using its existing customer base to offer multiple travel and foreign exchange services.
This cross-selling approach is helping the company generate more business from customers who are already using its platform.
The expansion of Niyo’s forex network and physical presence across India has also supported its growth.
The company said better customer onboarding and acquisition have helped increase both its customer base and revenue.
New Opportunity in GIFT City
Niyo is also making a move into cross-border payments through GIFT City.
The company has set up Finnew Global Solutions IFSC Private Limited and has received approval to operate as a Payment Service Provider under IFSCA regulations.
The new entity is expected to help Niyo create additional revenue opportunities in cross-border payments.
The company also expects this business to bring better operating margins over time.
For Niyo, FY26 was a year of strong growth and better financial control. Revenue rose sharply, losses came down and the company continued to add new products and services.
With its focus on travel, forex, digital payments and cross-border financial services, Niyo is now looking to build a broader fintech business while using technology and AI to keep its operations more efficient.
