Neobanking startup Niyo Global slashed its FY25 net loss by about 55% to INR 77.8 Cr from INR 143.5 Cr loss incurred in the previous fiscal year.

The improvement in the bottom line is in line with a hefty uptick in the startup’s operating revenue in the fiscal year under consideration. Its top line zoomed 32% to INR 123.4 Cr in FY25 from INR 93.8 Cr in the previous fiscal.

Founded in 2015 by Vinay Bagri (CEO) and Virender Bisht (CTO), Niyo offers digital banking services specifically for international travelers, students, and global professionals.

Their primary product is a zero forex markup card, which allows users to load Indian Rupees (INR) and spend in over 180 countries without incurring additional forex charges. To enable this, it has forged partnerships with DCB Bank, SBM Bank and Visa.

The startup claims to be serving over 6 Mn users, adding around 10,000 new users on a daily basis. Among its customer base, Indian students studying abroad now make up 25%, with a 30% surge in zero-forex card adoption.

The Bengaluru-based startup claims that its zero forex cards are accepted in more than 130 countries and provide benefits such as 24/7 customer support during international travel, international ATM withdrawals, and access to airport lounges worldwide.

Additionally, Niyo offers services like foreign currency exchange, international money transfers, travel insurance, and visa assistance, all accessible through their mobile app.

To move beyond fintech, the neobanking startup ventured into the flight booking and visa application segments to offer end-to-end travel solutions to customers via its app in August. The startup had expected the move to increase the average spending per customer on its platform by 50%.

Besides, it also announced the acquisition of Kanji Forex to expand its forex operations across India in August 2024. Along with the acquisition, the startup also appointed ex-IndusInd Bank’s transaction banking head Amit Talwar as the new CEO of its forex business.

Niyo has raised close to $180 Mn in its lifetime and is backed by investors like Accel, Lightrock, Multiples, Tencent, and Prime Ventures.

Notably, Niyo cut its expenses by 15% in FY25 to INR 214 Cr from INR 250.7 Cr spent in the previous fiscal. Here’s a breakdown of the key expenses for the startup during the fiscal year:

Employee Benefit Expenses: The startup spent INR 78.5 Cr on its employees in the fiscal year, marking an over 13% reduction from the INR 90.5 Cr spent in the previous fiscal year.

Advertising Expenses: The advertising expenses for the startup also declined 59% to INR 10.5 Cr from INR 25.7 Cr spent in the previous fiscal year.

IT Expenses: Niyo’s IT expenses for the fiscal year stood at INR 25.8 Cr, down about 10% from INR 28.6 Cr in FY24.

The post Neobanking Soonicorn Niyo Cuts FY25 Net Loss by 55% To INR 78 Cr appeared first on Inc42 Media.