Travel fintech Niyo acquires Capital India Finance's forex business RemitX
Certain assets of the RemitX forex and cross-border business will be transferred to Niyo's subsidiary Kanji Forex.
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Travel card fintech Niyo has agreed to acquire RemitX, the forex business of public-listed non-banking financial company (NBFC) Capital India Finance.
In an exchange filing, Capital India Finance said that its Board has approved the transfer of certain assets of its Forex division, operating under the RemitX brand, to Kanji Forex Private Limited, which is a wholly-owned subsidiary of Niyo.
The deal, which is reportedly valued at Rs 11.4 crore, is subject to the terms and conditions of the agreement and receipt of applicable regulatory and other requisite approvals.
RemitX operates 32 branches across 16 states to offer its forex and cross-border services. About 200 RemitX employees are expected to join Niyo.
The Accel and Lightrock-backed fintech entered the segment in 2024 through the acquisition of Kanji Forex, which holds an Authorised Dealer Category-II (AD-II) licence.
Amit Talwar, CEO of Niyo Forex, said, "RemitX brings three things for Niyo that cannot be built quickly: a branch network that reaches customers where they live, partner relationships and a team that has been running this business together for years. Cross-border is a core business for Niyo, and we are investing in it accordingly."
With this, Capital India Finance aims to sharpen its focus on its core lending business. Earlier, the company also divested its home loan unit Capital India Home Loans Limited.
Keshav Porwal, MD, Capital India Finance said, "This transaction is another step in that journey and will allow us to sharpen our focus on our tech enabled lending franchise. With a strong capital position, an expanding distribution network and growing momentum in lending, we believe we are well positioned to deploy our resources and management bandwidth towards scaling this business in a disciplined manner."