This is Niyo's second acquisition after acquiring Goalwise last year.
The Index team including Anand Krishna and Kumar Siddhartha, founders of Index, will join Niyo, a statement said.
Niyo plans to integrate Index's personal finance tracking features into its products especially NiyoX, it added.
"With Index's abilities integrated into NiyoX's offerings, users will have access to best-in-class, 360 degree view of their earnings, savings, investments, insurances in a single view. Customers will also get the nudges to plan their expenses, pay bills and save," it said.
SOSV Investments-backed Index, launched in 2020 by Anand Krishna and Kumar Siddhartha, derives insights from users'' financial data to give them a unique view into their spending habits, transaction history, and account information.
"We are excited to welcome the Index team to the Niyo family, and to see the value that our users get out of this addition to the NiyoX product. The aggregation and analytical capabilities of Index will help expand NiyoX's functionality to equip users with the valuable insights they need to meet their financial goals," Vinay Bagri, co-founder and CEO of Niyo, said.
Integrating and launching Index within the comprehensive NiyoX app is going to be a stimulating experience for both the company and its users, he added.
"Combined with unique digital banking offerings, we'll be able to give unrivalled personal finance tools to users. More importantly, Index's technology will now be in the hands of millions of users that Niyo has already captured - and millions more to come," Anand Krishna, co-founder and CEO of Index, said.
Niyo currently operates in four major business lines: NiyoX (next gen savings account for millennials), Niyo Money (suite of wealth products), Niyo Global Card (banking experience and value for international travelers), and Niyo Bharat Payroll solutions. The company currently serves a customer base of around 2 million and over 7,000 corporates.