Chennai, Mar 31: Aiming to tap the rising outbound travel and remittance demand in Tamil Nadu, Travel fintech company Niyo has launched its Niyo Forex branch in its capital Chennai.
The move marks a key milestone in its strategy to expand across high-growth cross-border corridors in India.
The company is targeting a 10-15% share of India’s outbound forex market and has launched its outlet in Chennai as part of its plans to build a 50-branch nationwide “phygital” network, combining its digital-first platform with an expanding on-ground presence to better serve customers across key travel and remittance markets.
Tamil Nadu 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 USD 31.73 billion in FY2023–24, with travel and education among the fastest-growing segments.
The state accounts for nearly 7% of India’s outbound student mobility, with close to 93,000 students travelling overseas annually.
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, the company said in a statement today.
On this occasion, Niyo Forex CEO Amit Talwar 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 Tamil Nadu, enabling faster, more transparent cross-border transactions.”
He added that by combining a robust digital platform with an expanding physical network, Niyo is building a scalable model to serve customers across key travel and remittance corridors.
Chennai, with strong diaspora linkages across the GCC and Southeast Asia, along with robust international connectivity, continues to drive sustained demand for forex and cross-border financial services.
Chennai International Airport is the fourth largest departure port connecting to 69 destinations across 20 countries, reinforcing its importance in driving forex demand.
Sai Sankar, Chief Business Officer of Niyo Forex, added, “Despite growing global connectivity, access to transparent and affordable forex services remains a challenge for many Indians. Chennai, which accounts for nearly 10% of outbound travel, is a critical market for us. Our phygital approach is designed to simplify cross-border transactions while expanding access across both metro and emerging markets.”
Niyo has served over one million outbound Indian travellers and has a strong presence across metros such as Mumbai, Bengaluru, Delhi and Hyderabad. The Chennai launch marks a strategic step in strengthening its southern footprint and expanding into high-potential regional markets.
The Chennai branch will offer a comprehensive suite of services, including forex cards, forex cash and outward remittances, along with value-added travel services such as flight and hotel bookings, visa assistance, eSIMs and travel insurance. These offerings are supported by Niyo’s transparent pricing and digital-first experience.
About Niyo:
Niyo (Finnew Solutions Pvt. Ltd.) is India’s travel fintech platform focused on cross-border payments and travel banking. Founded in 2015, the company pioneered zero-forex-markup cards in India and offers a full suite of travel banking services, including forex cards, forex cash and remittances (via Niyo Forex), along with value-added travel services such as flights, hotels, visas, eSIMs and travel insurance. (NVI)
