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 crore.
Niyo will execute the transaction through its wholly owned subsidiary, Kanji Forex Pvt Ltd, which operates under a Reserve Bank of India (RBI) Authorised Dealer Category-II (AD-II) licence.
Capital India Finance’s board approved the transfer of RemitX-related assets to Kanji Forex. The companies expect to complete the transaction by October 31, 2026, subject to regulatory approvals and other closing conditions.
Following the completion of the deal, Capital India Finance will apply to surrender its AD-II licence, according to its exchange filing.
The financial services company said the divestment aligns with its long-term strategy to consolidate operations and focus on its NBFC platform and digital businesses under RapiPay.
Meanwhile, the acquisition will add RemitX’s 32 branches across 16 states and more than 30 cities to Niyo’s network. Consequently, the fintech startup will expand its physical presence to more than 40 locations across India.
RemitX also operates through more than 2,500 distribution partners, including travel agents, overseas education consultants, and corporates. Additionally, more than 200 RemitX employees, including members of the leadership team, are expected to join Kanji Forex after the transaction closes.
The deal will allow Niyo to combine its digital platform for international travel and cross-border payments with RemitX’s branch-led and partner-driven distribution network.
The combined business will offer foreign currency, forex cards, and outward remittance services through both physical branches and digital channels. Furthermore, Niyo expects the expanded network to help it reach customers in Tier II and Tier III cities as demand for overseas travel and education continues to grow.
RemitX contributed ₹24.9 crore to Capital India Finance’s consolidated turnover in FY26, accounting for 4.68% of the company’s total turnover. The forex business also reported net assets of ₹28.3 crore as of March 31, 2026.
Founded in 2015 by Vinay Bagri and Virender Bisht, Niyo provides digital banking and travel-related financial services to international travellers, students, and professionals.
Its portfolio includes international debit and credit cards, outward remittances, forex cash, flight bookings, visa assistance, travel insurance, and international eSIM services.
Niyo’s zero-forex-markup card allows users to load funds in Indian rupees and spend across 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 million to date and counts Accel, Lightrock, Multiples, Tencent, and Prime Venture Partners among its investors.
In FY25, the startup reduced its net loss by around 46% to ₹77.8 crore from ₹143.5 crore in the previous financial year. At the same time, its operating revenue increased 32% year-on-year to ₹123.4 crore.
The RemitX acquisition marks another step in Niyo’s expansion into regulated forex services and cross-border payments.
Niyo entered the regulated forex market in 2025 when it acquired 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. The licence allows the company to facilitate additional transactions, including trade and family-maintenance remittances.
Moreover, the expanded licence enables Kanji Forex to grow its branch network without seeking separate approval for every new location.
The development followed the RBI’s revision of the AD-II framework in May 2026, which expanded the scope of such licences to cover nearly all permissible non-trade current-account transactions.
