~ Targets high-value forex flows from Gujarat to key global corridors, including the US, UK, Canada, Australia and Germany ~
Niyo, India’s travel fintech platform, has announced the launch of its Niyo Forex branch in Ahmedabad, as part of its plan to build a 50-branch nationwide “phygital” network. The expansion strengthens its presence across high-growth cross-border corridors by combining a digital-first platform with on-ground access in key travel and remittance markets.
The Ahmedabad branch operates under Kanji Forex Pvt. Ltd., an RBI-licensed Authorised Dealer Category II entity, marking Niyo Forex’s entry into one of India’s most active regions for outbound travel, student mobility, and remittances.
This move follows Niyo’s aggressive expansion strategy, with the company launching its Chennai branch just last week, underscoring its rapid push to scale its physical footprint alongside its digital offerings
Amit Talwar, CEO, Niyo Forex, said, “Gujarat state has been a significant contributor to Indians moving overseas, with an estimated 5-6 million people of Gujarati origin living outside India. The Gujarati community has a long history of seafaring and migration, something that started with movement to East Africa and in the last few decades, spreading across countries like the USA, UK, Canada, Australia and now Germany. Ahmedabad, being the largest city and former capital of the state, is the key hub for cross-border movement, driven by outbound demand from students, globally connected businesses, and international travellers. Europe is cited as a favourite leisure destination This makes it imperative for Niyo to have a local presence and cater to the forex demand in the state, on the back of its transparent, seamless forex solutions.”
The 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, all delivered through a digital-first, transparent pricing model.
India’s outward remittances under the Liberalised Remittance Scheme (LRS) stood at USD 31.73 billion in FY2023–24, with international travel accounting for over 57% of total outflows. Gujarat continues to be a major source market for student mobility, with a steady flow of students heading to global education hubs like the UK, Australia, US and Canada with Gujarat contributing nearly 8%, placing it among the leading states.
Sai Sankar, Chief Business Officer, Niyo Forex, added, Gujaratis account for ~18% of India’s outbound tourists travel, with average spend per Gujarati international traveller around ₹1.5 lakh per trip but pricing opacity and offline dependency continue to shape customer experience. Our phygital model addresses this gap by combining digital convenience with the trust and support of a physical presence.”
The region’s importance is further reinforced by GIFT City, India’s International Financial Services Centre, along with Ahmedabad’s direct connectivity to 16 countries across Asia, the UK, and the Middle East – supporting sustained outbound demand.
Niyo currently serves over one million outbound Indian travellers and has an established presence across metros including Mumbai, Pune, Bengaluru, NCR, Hyderabad and Chennai. The Ahmedabad launch strengthens its Western India footprint and marks a strategic step in expanding across high-potential regional markets.
