The fintech soonicorn’s revenue from operations surging 80.1% to ₹158 Cr in the fiscal under review as against ₹87.8 Cr in FY25
What helped the startup rein in the losses was a growing top line and AI-led gains across customer service, operations, marketing and product development
Niyo said that it has been diversifying its revenue streams beyond its core travel offerings and has signed an agreement to acquire RemitX for ₹11.4 Cr
Fintech soonicorn Niyo’s parent, Finnew Solutions Pvt Ltd, slashed its consolidated net loss by 58.1% to ₹32.6 Cr in the financial year 2025-26 (FY26) from ₹77.9 Cr in the year ago period.
The startup attributed the reduced losses to operational efficiencies, primarily driven by AI-led gains across customer service, operations, marketing and product development.
What also helped offset the losses was revenue from operations surging 80.1% to ₹158 Cr in the fiscal under review as against ₹87.8 Cr in FY25.
Including other income of ₹16.2 Cr as well as other gains of ₹4.2 Cr, Niyo’s total income stood at ₹178.5 Cr in the fiscal year ended March 2026.
Niyo’s EBITDA loss also narrowed 60% to ₹32 Cr in FY26 from ₹77 Cr in the year before.
“We concluded the year with a robust balance sheet, and deeper partnership with our banking partners. This gives us the confidence and flexibility to continue investing in our technology and products. We expect to maintain our growth momentum and work towards becoming EBITDA positive soon,” said Niyo CFO Gourav Kumar.
Founded in 2015 by Vinay Bagri and Virender Bisht, Niyo offers digital banking services for international travelers and students. Its offerings include international debit and credit cards, remittances, forex cash, flights, visa assistance, travel insurance, and international eSIMs.
The startup’s primary product is a zero forex markup card, which allows users to load Indian Rupees and spend the money in over 180 countries. To enable this, it has forged partnerships with DCB Bank, SBM Bank and Visa.
Niyo has raised close to $180 Mn to date and counts Accel, Lightrock, Multiples, Tencent, and Prime Venture Partners among its investors.
Overall, Finnew Solutions’ gross revenue from sale of services rose 52% to ₹187.6 Cr in FY26 from ₹123.4 Cr in the year ago period. Notably, deducting the ₹29.6 Cr consideration payable to customers from the gross revenue results in the operating revenue.
A breakdown of the data revealed that gross revenue from network partner services nearly doubled YoY to ₹132.4 Cr in FY26. This business contributed 71% to the total gross top line in the fiscal under review.
Meanwhile, technology-led financial services, the soonicorn’s second-largest segment, grew 6% to ₹46.9 Cr from ₹44.2 Cr in FY25. Services related to handling of foreign currency, travel currency cards and telegraphic (₹2.7 Cr), and other operating services (₹5.6 Cr) are other means where Niyo earned its revenue in FY26.
Niyo said that it has been diversifying its revenue streams beyond its core travel offerings, with growing contributions from forex cash, remittances, flights, hotels, experiences, international eSIMs and insurance.
The strengthening of the product portfolio, combined with improved customer onboarding and acquisition, has supported growth in both customers and revenue, said Kumar.
“As we look ahead, our focus is not just on acquiring more customers, but on building deeper, longer-term relationships with our customers we already serve. With a strong cross-border customer base, we see a significant opportunity to bring more financial and travel products to them and create greater value over time,” added Niyo CFO.
To further fuel its growth, Niyo also reiterated that it has signed a definitive agreement to acquire RemitX, the forex and cross-border payments business of listed financial services company Capital India Finance, for ₹11.4 Cr.
The startup’s total expenditure rose 19.2% to ₹212.7 Cr in FY26 compared to ₹178.4 Cr in the year-ago fiscal. Here is a closer look at where Niyo spent the most:
Employee Benefit Expenses: Constituting 43.1% of the overall expenses, employee costs stood at ₹91.7 Cr in FY26, up 16.7% from ₹78.6 Cr in the previous fiscal year.
Marketing And Branding: Marketing expenses rose 215.5% to ₹33.4 Cr in the year under review from ₹10.6 Cr in FY25. It constituted 15.7% of the overall costs.
Network And Card Fees: Spending under this head rose 72.3% to ₹29.4 Cr, compared to ₹17 Cr.
Source: Inc42
