Bengaluru-based fintech Niyo, which primarily offers debit and credit cards with zero forex markup to Indians traveling abroad, hopes to break-even by the end of the current fiscal while hitting a topline of around Rs 250-300 crore.
This would mark a better fiscal for the Accel-backed startup, whose business was hit in FY24 due to RBI’s ban on its partner State Bank of Mauritius (SBM) India in January last year. Nearly half of Niyo’s customers use its co-branded debit and credit cards with SBM India. It also offers debit cards in partnership with DCB Bank.
The parent company, Finnew Solutions, had reported a revenue from operations of Rs 93.84 crore in FY24, down 29% from FY23, while losses narrowed by about 20% to Rs 143.47 crore. Including its arms, the company had a cumulative topline of Rs 200-220 crore in FY24, compared to Rs 180 crore in FY23, co-founder and CEO Vinay Bagri told FE.
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However, Niyo continues to see a decent growth in new card issuance. “If you look at the number of cards issued at the beginning of the year, it was around 20,000 a month, and now we are issuing about 35,000-40,000 a month. International spends on my products from January to date has also seen a 100% growth,” Bagri noted.
Niyo, which competes with a host of fintech and traditional banks offering forex cards, currently holds an 8.6% market share in international debit card spends, the company said. To be sure, debit cards constitute only about 30% of overall international spends, while credit cards contribute 52% and prepaid cards constitute around 18%, as per the RBI data.
Encouraged by Indians’ increasing desire to travel abroad, Niyo is planning to go for a public listing around the second half of 2026. For Bagri, a revenue scale of Rs 300-500 crore a year and positive cash flow would indicate a good time for an IPO.
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Since the setback last year, Niyo has also focused on scaling its travel products — flight booking,
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