India’s travel fintech platform bets on Tamil Nadu’s growing outbound travel and remittance demand
FinTech BizNews Service
Mumbai, March 31, 2026: Niyo, India’s travel fintech platform, today announced the launch of its Niyo Forex branch in Chennai, marking a key milestone in its strategy to expand across high-growth cross-border corridors in India.
The launch is part of Niyo’s broader plan 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. The company is targeting a 10–15% share of India’s outbound forex market, estimated at over USD 45 billion in the next 18 months, by continuing to scale its distribution and enhance customer experience.
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.
Amit Talwar, CEO, Niyo Forex, 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. By combining a robust digital platform with an expanding physical network, we are building a scalable model to serve customers across key travel and remittance corridors.”
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.
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, 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.
