Niyo to Acquire Capital India’s RemitX Forex Business
Niyo to acquire Capital India Finance’s RemitX forex business, adding a 32-branch network and 2,500+ partners.
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Niyo, a digital platform for international travel and cross-border payments, has signed a definitive agreement to acquire the forex and cross-border business of Capital India Finance Limited, operated under the RemitX brand. The combined entity will continue to operate under the AD Category-II licence of Kanji Forex Pvt. Ltd., Niyo’s wholly owned subsidiary.
RemitX operates 32 branches across 16 states and more than 30 cities, including a presence in Tier 2 and Tier 3 markets. On completion, Niyo’s physical footprint will extend to more than 40 locations nationwide. The deal also brings a distribution network of over 2,500 partners across travel, overseas education, and corporate segments, along with more than 200 RemitX employees, including its leadership team.
The transaction follows the RBI’s May 2026 guidelines, which widened the scope of AD Category-II licences to cover nearly all non-trade current-account purposes, permit small-value trade transactions, and make branch expansion and licensing perpetual. Niyo entered the regulated forex business in May 2024 through its acquisition of Kanji Forex and received a perpetual AD-II licence with expanded scope from the RBI on August 5, 2026.
“RemitX brings three things that cannot be built quickly: a branch network that reaches customers where they live, partner relationships built over more than a decade, and a team that has been running this business together for years,” said Amit Talwar, CEO, Niyo Forex.
“As a part of long-term strategy to consolidate and focus on NBFC platform with digital businesses under Rapipay, we are happy that we have hived off the business to a deserving partner,” said Keshav Porwal, Managing Director, Capital India Finance Limited.
Niyo, a digital platform for international travel and cross-border payments, has signed a definitive agreement to acquire the forex and cross-border business of Capital India Finance Limited, operated under the RemitX brand. The combined entity will continue to operate under the AD Category-II licence of Kanji Forex Pvt. Ltd., Niyo’s wholly owned subsidiary.
RemitX operates 32 branches across 16 states and more than 30 cities, including a presence in Tier 2 and Tier 3 markets. On completion, Niyo’s physical footprint will extend to more than 40 locations nationwide. The deal also brings a distribution network of over 2,500 partners across travel, overseas education, and corporate segments, along with more than 200 RemitX employees, including its leadership team.
The transaction follows the RBI’s May 2026 guidelines, which widened the scope of AD Category-II licences to cover nearly all non-trade current-account purposes, permit small-value trade transactions, and make branch expansion and licensing perpetual. Niyo entered the regulated forex business in May 2024 through its acquisition of Kanji Forex and received a perpetual AD-II licence with expanded scope from the RBI on August 5, 2026.
