Niyo Acquires Capital India's Forex Business for ₹11.4 Crore
Fintech firm Niyo has agreed to purchase Capital India Finance's RemitX forex and cross-border payments business for approximately ₹11.4 crore. The deal significantly expands Niyo's physical network.
Indian fintech company Niyo has signed a definitive agreement to acquire the forex and cross-border payments business of Capital India Finance, operated under the RemitX brand, for ₹11.4 crore (approximately $1.37 million USD). The transaction will be conducted through Niyo's wholly-owned subsidiary, Kanji Forex Pvt Ltd, which holds an RBI Authorised Dealer Category-II (AD-II) license for forex services.
Capital India Finance's board has approved the transfer, and the deal is expected to be completed by October 31, 2026, pending regulatory approvals. The company stated the divestment is part of its strategy to focus on its NBFC platform and digital businesses.
The acquisition brings RemitX's 32 branches across 16 states and over 2,500 distribution partners, including travel agents and corporates, into Niyo's network. Approximately 200 RemitX employees are expected to join Kanji Forex. This deal expands Niyo's physical footprint to over 40 locations nationwide.
Niyo aims to combine its digital platform with RemitX's branch and partner network to offer foreign currency, forex cards, and outward remittance services through both digital channels and physical touchpoints. The company believes the expanded network will help it reach customers in Tier II and III cities amid growing demand for international travel and education.