Niyo’s revenue surges 2.8X to Rs 131 Cr in FY23

Fintech firm Niyo posted an impressive 2.8X growth in scale in the fiscal year ending March 2023 following a $30 million capital injection from private equity firm Multiples Alternate Asset Management. Notably, the startup also reduced losses in the said period. 

Niyo’s revenue from operations increased to Rs 131 crore in FY23 from Rs 47 crore in FY22, according to the company’s consolidated financial statements filed with the Registrar of Companies.

Financials FY23

FY22 FY23










Amount in ₹ Cr

Revenue from the network partner services formed 54% of the total collections which surged 6.45X to Rs 71 crore in FY22. Financial services and other non-operating income took the total revenue to Rs 138 crore in FY23.

See TheKredible for the detailed revenue breakup.

Employee benefit costs accounted for 35% of the overall expenditure which increased by 40.5% to Rs 111 crore in FY23. Its service fees charged by the banks increased by 70.4% to Rs 46 crore during the previous fiscal.

Its advertising, subscription membership, legal, technology, and other overheads catalyzed the overall cost by 26.5% to Rs 315 crore in FY23.

Check TheKredible for the complete expense breakup.

Expenses Breakdown

Total ₹ 249 Cr
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Total ₹ 315 Cr
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  • Service fees
  • Employee benefit expense
  • Advertising promotional expenses
  • Subscriptions membership fees
  • Others

The 2.8X growth in scale and controlled expenditure helped Niyo to reduce its losses by 14% to Rs 177 crore in FY23 as compared to Rs 206 crore in FY23. Its ROCE and EBITDA stood at -54% and -120% respectively. On a unit level, it spent Rs 2.4 to earn a rupee in FY23.


FY22 FY23
EBITDA Margin -421% -120%
Expense/₹ of Op Revenue ₹5.30 ₹2.40
ROCE -59% -54%

The FY24 appears to be a phase of transition for Niyo with focus on travel-tech space. Recently, Niyo raised strategic funds from Spring Marketing Capital which will contribute to Niyo in the travel banking sector by helping with the overall brand strategy, partnerships, and campaigns.

Currently, its global banking flagship product Niyo Global provides banking for international travellers. The firm offers these services in partnership with DCB Bank, Equitas Small Finance Bank, and State Bank of Mauritius. However, the revenue booked in FY23 includes neobanking services only.

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