Niyo To Acquire Capital India’s RemitX Forex Business for Rs 11.4 Cr

New Delhi: Digital platform for international travel Niyo has proposed to acquire the forex and cross-border business of Capital India Finance, operated under the RemitX brand, for a consideration of Rs 11.4 crore.

The transaction will bring to Niyo RemitX’s pan-India branch network, its distribution partnerships across the travel, overseas education and corporate segments, its experienced team, and the RemitX brand itself, a joint statement said.

The combined entity will continue to operate under the AD category II license of Kanji Forex Pvt Ltd, a wholly-owned subsidiary of Niyo, it said.

RemitX operates a network of 32 branches across 16 states and more than 30 cities, with an established presence in Tier 2 and Tier 3 markets alongside the metros, it said. The transaction will also bring a distribution network of over 2,500 partners – travel agents, overseas education consultants and corporates – built over more than 6 years, it said.

Over 200 RemitX employees, including the full leadership team that has run the business for several years, are expected to join Kanji Forex.

The combination brings together Niyo’s digital-first platform for Indians who travel, study and transact abroad, with RemitX’s branch-led and partner-led presence across cities, creating a broader physical and digital distribution network for cross-border financial services, it added.

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