Niyo Narrows Losses To INR 143.47 Cr, Revenue Declines 28.6% In FY24

Neobanking startup NiYO Global has posted a decline in operating revenue at INR 93.84 Cr for the financial year ending March 2024 (FY24), down 28.6% from INR 131.44 Cr in the previous fiscal year, as per regulatory filings.

However, the company narrowed down its net loss by 18.95% to INR 143.47 Cr in FY24 from INR 177.03 Cr in the previous fiscal year.

The reduction in losses was attributed to lower overall expenses, which fell by 20.3% to INR 250.75 Cr in FY24 from INR 314.69 Cr in the previous fiscal year.

Of these, employee benefit expenses accounted for INR 90.55 Cr while other expenses were at INR 119.77 Cr. This was an 18.6% reduction from the previous fiscal’s employee benefit expense at INR 111.34 Cr. 

The company also saw a decline in the cash flow statement to INR 80.92 Cr in FY24 from INR 145.60 Cr in the previous fiscal year. 

Founded in 2015 by Vinay Bagri and Virender Bisht, Niyo provides banking solutions tailored to customers. It offers zero-forex markup debit and credit cards to customers, in partnership with banks, primarily addressing international travellers and expatriates.

In August, it ventured into flight booking and visa application segments to offer end-to-end travel solutions to customers via its app. The move was intended to increase the average spending per customer on the platform by 50%. 

Last year, Niyo secured an undisclosed investment from Spring Marketing Capital. Before that in 2022, it raised $100 Mn in its Series C round led by Accel and Lightrock India

To date, it has raised a total of $179 Mn in funding. The company has a team strength of over 500. It counts the likes of Prime Venture Partners, Accel, Lightrock, and Multiples among its investors.