Niyo's losses shrink as revenue jumps 80%

How does Niyo make money?

Niyo makes most of its money by selling travel and money services alongside partners: forex cash, remittances, flights, hotels, travel insurance and international eSIMs. These network partner services brought in ₹132.4 crore, 71% of gross revenue. Its other big stream is technology-led financial services at ₹46.9 crore, built on its zero-forex-markup card usable in 180+ countries.

Why buy RemitX instead of getting its own RBI license?

Getting an RBI cross-border aggregator license requires ₹15 crore net worth to apply and ₹25 crore within three years, plus KYC, AML and fraud monitoring. RemitX, a licensed cross-border payments firm, already holds that license and a 38-branch, 18-state network. Buying it for ₹11.4 crore is cheaper and faster than building compliance from scratch.

Is an EBITDA loss of ₹32 crore good or bad?

It's a good sign on balance, because the loss shrank 60% from ₹77 crore to ₹32 crore while revenue jumped 80%, showing the company is getting more efficient. The CFO says they expect to become EBITDA positive soon, which would be the first step toward real profit. Still, it means they're not yet profitable.

What does network partner services actually mean?

It means services Niyo sells alongside its card through partners, like forex cash, remittances, flights, hotels, travel insurance and international eSIMs. This segment brought in ₹132.4 crore in FY26, nearly double the year before and 71% of gross revenue, showing Niyo is earning beyond the core card.

How big is ₹11.4 crore for buying a company?

₹11.4 crore is small for acquiring a company. Niyo reports annual revenue of ₹158 crore, so the price is under 10% of one year's revenue. It is also well below the ₹15 crore net worth the RBI requires just to apply for a cross-border payment license, making it a cheap shortcut to licensed forex operations.

How did losses shrink if costs still grew?

Because revenue grew faster than costs. Niyo's operating revenue jumped 80.1% to ₹158 crore, while total expenses rose just 19.2% to ₹212.7 crore. The gap between the two, which is the loss, automatically narrowed. AI in customer service, operations, marketing and product development helped keep cost growth below revenue growth.

Is spending more than you earn still normal for a startup?

Yes, for startups in a scaling phase it's normal to spend more than they earn. Niyo's revenue jumped 80% while its net loss narrowed to ₹32.6 crore, showing investors the gap is closing. The CFO expects to become EBITDA positive soon, which would be the first step toward real profit.

Why did marketing costs jump so sharply?

Marketing spend nearly tripled to ₹33.4 crore, about 21% of revenue, as Niyo invests in building its consumer brand after revenue doubled to ₹158 crore. This is typical for a consumer fintech in a growth phase. Meanwhile, employee costs rose only 16.7%, a slower pace than revenue growth.

Who are Niyo's investors and what do they want?

Niyo's investors include Accel, Lightrock, Multiples, Tencent, and Prime Venture Partners, among others. These backers expect growth and a path to profit, which the company's trajectory of revenue doubling and losses halving supports, making it a good sign for them.