Niyo Solutions eyes profitability in 2024, IPO in 2025
₹177 crore from ₹205.6 crore in 2021-22, as per regulatory filings sourced from Tofler. Its revenue from operations ballooned to ₹131.4 crore from ₹47.4 crore in the same period.
The company has been navigating a complex regulatory environment where third-party banking entities are under constant scrutiny. However, Bhaskar said the Reserve Bank of India’s concept of a self-regulatory organization for fintech companies provides comfort as there is constructive dialogue and makes regulatory aspects less of a challenge.
Last week, RBI issued a draft framework outlining broad functions, governance standards, and eligibility criteria for setting up a self-regulatory organization for fintech companies. Founded by Vinay Bagri and Virender Bisht, Niyo has two lines of business—global banking and mass banking.
Its investors include Accel and Lightrock. The company offers its digital banking services in partnership with DCB Bank, Equitas Small Finance Bank, Yes Bank, ICICI Bank, and State Bank of Mauritius.
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