CHENNAI: Niyo, India’s travel fintech platform, on Tuesday announced the launch of its Niyo Forex branch in Chennai, marking a key milestone in its strategy to expand across high-growth cross-border corridors in India.
The launch is part of Niyo’s broader plan to build a 50-branch nationwide “phygital” network, combining its digital-first platform with an expanding onground presence to better serve customers across key travel and remittance markets.
The company is targeting a 10– 15 per cent share of India’s outbound forex market, estimated at over $45 billion in the next 18 months, by continuing to scale its distribution and enhance customer experience.
Operated under Kanji Forex Pvt. Ltd., an RBI-licensed Authorised Dealer Category II entity, the Chennai branch strengthens Niyo Forex’s footprint in one of India’s most active markets for outbound travel, student mobility and remittances.
Amit Talwar, CEO, Niyo Forex, said, “Chennai is a strategically important market for us, given its strong remittance base, growing outbound travel and student mobility. Our expansion strengthens our presence in TN, enabling faster, more transparent cross-border transactions. By combining a robust digital platform with an expanding physical network, we are building a scalable model to serve customers across key travel and remittance corridors.”
TN is among India’s leading contributors to outbound travel and remittances, driven by a large base of students, IT professionals and global travellers. India’s outward remittances under the Liberalised Remittance Scheme (LRS) stood at $31.73 billion in FY2023–24, with travel and education among the fastest-growing segments.
The state accounts for nearly 7 per cent of India’s outbound student mobility, with close to 93,000 students travelling overseas annually. TN is among India’s leading contributors to outbound travel and remittances, driven by a large base of students, IT professionals and global travellers.