Niyo Acquires Capital India’s RemitX Unit
What Happened
Travel fintech Niyo has agreed to acquire Capital India Finance’s RemitX foreign exchange business for ₹11.4 crore through its wholly owned subsidiary, Kanji Forex. The deal will bring the RemitX brand, over 200 employees, 32 branches, and more than 2,500 distribution partners under Niyo, significantly expanding its presence in the forex and cross-border payments market. RemitX currently operates in over 30 cities across 16 states, including several tier-II and tier-III locations.
Key Takeaways
The acquisition strengthens Niyo’s forex and international payments business, expands its physical distribution network, and increases its reach in smaller cities as demand for overseas travel, remittances and cross-border financial services grows.