Niyo signs deal to acquire RemitX forex business from Capital India Finance
The acquisition will add RemitX’s 32 branches, 2,500-plus distribution partners and 200-plus employees to Niyo subsidiary Kanji Forex’s distribution network across India.
What happened
Niyo will acquire Capital India Finance’s RemitX forex and cross-border business, adding 32 branches, 2,500-plus distribution partners and over 200 employees to
Key facts
- 32 branches
- 16 states
- more than 30 cities
- more than 40 locations
- over 2,500 distribution partners
- more than 200 employees
- 50 branches
- two to three years
- 2024
- August 2026
Why this matters
RemitX gives Niyo an established, asset-light distribution network that would likely take significant time and investment to build organically.
What to watch
- Regulatory approvals and closing timeline for the forex-business transfer.
- Whether all 32 branches and the majority of 2,500-plus partners are retained and activated post-close.
- Disclosure of transaction value, revenue contribution, forex volume or expected profitability synergies.
- Rollout of Niyo travel-card, remittance or digital-account cross-selling through RemitX locations.
- Changes in RBI foreign-exchange compliance requirements, KYC/AML enforcement or travel-currency rules.
- Evidence of partner attrition, branch rationalization or integration-related service disruptions.
- Rebrand RemitX branches and partners under Kanji Forex or a Niyo-linked identity.
- Cross-sell Niyo international travel cards, prepaid forex products, remittance services and digital onboarding at acquired physical touchpoints.
- Consolidate treasury, pricing, compliance monitoring and technology systems across the two forex networks.
- Expand into underserved tier-2 and tier-3 travel corridors using the acquired partner base rather than opening company-operated branches.
- Seek further partnerships with travel agencies, education consultants, visa processors and corporate travel intermediaries.
Also reported by
- Entrackr — Same time