Niyo has developed an in-house flight booking platform to provide domestic and international flight booking services
The startup has rolled out a new visa booking product on its app, aiming to reduce the visa application processing time
In October last year, Niyo raised an undisclosed amount of funding from Spring Marketing Capital
Inc42 Daily Brief
Stay Ahead With Daily News & Analysis on India’s Tech & Startup Economy
Neobanking startup Niyo Solutions has ventured into flight booking and visa application segments to offer end-to-end travel solutions to customers via its app.
The Bengaluru-based fintech startup has developed an in-house flight booking platform to provide domestic and international flight booking services at zero convenient fees.
Additionally, the startup has rolled out a new visa booking product on its app, aiming to simplify the visa application process for travelers.
The move is expected to increase the average spending per customer on the platform by 50%, the company said in a statement.
With the new visa application product, Niyo aims to bring down the overall visa application processing time, it added.
Founded in 2015 by Vinay Bagri and Virender Bisht, Niyo offers zero-forex markup debit and credit cards to customers, in partnership with banks.
CEO Bagri said the expansion is in line with the startup’s goal to strengthen its presence in the travel-banking sector.
“Our flight booking platform promises the most affordable international and domestic fares, together with the benefit of earning Niyo Coins on every spend. Also, our Visa services address a core customer pain point of timely visa, by offering a 99.4% approval rate on visa and on time delivery plus the benefit of Niyo Coins. Customers can use these Niyo Coins to avail significant discounts on future flight and visa booking,” Bagri added.
Niyo’s entry into the travel tech sector comes at a time when the global tourism market is poised to grow at a CAGR of 5.4%, reaching a size of $16.9 Tn by 2030.
Further, it will put Niyo in direct competition with startups such as EaseMyTrip, ixigo and Atlys.
In October last year, Niyo raised an undisclosed amount of funding from venture capital firm Spring Marketing Capital.
Prior to that, in 2022, the startup raised $30 Mn from Multiples Alternate Asset Management to build its brand and expand its product portfolio.
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.