Niyo Secures Investment from Spring Marketing Capital to Enhance Travel Banking
- ByStartupStory | October 21, 2023
Neobank startup Niyo has secured an undisclosed strategic investment from Spring Marketing Capital. This investment is aimed at bolstering Niyo Global’s position and pioneering the “travel banking” category in India through innovative products and marketing strategies. Under this collaboration, Spring Marketing Capital will contribute to the overall brand strategy, partnership initiatives, and marketing campaigns.
Niyo, founded by Vinay Bagri and Virender Bisht in 2015, is focused on transforming the concept of “travel banking” for Indian consumers. It offers digital savings accounts and a range of banking services in partnership with various banks. Niyo’s flagship product, Niyo Global, provides banking services and added value for international travelers in collaboration with DCB Bank, Equitas Small Finance Bank, and State Bank of Mauritius. The company claims to currently serve more than 4 million customers with digital banking solutions.
Vinay Bagri, Co-founder and CEO of Niyo, expressed enthusiasm about the partnership with Spring Marketing Capital. He said, “Over the past few years, Niyo has made a significant difference in the lives of India’s urban millennials and outbound travellers, through its compelling product offerings. We’ve been able to create an impactful brand and with Spring joining forces with us, we’re excited to create a formidable brand with their strategic marketing innovations.”
In the Series C funding round conducted last year, Niyo raised $30 million, with investments from Accel, Lightrock, and other backers.
Spring Marketing Capital, founded by Raja Ganapathy, Arun Iyer, and Vineet Gupta, has committed INR 150 crore in its first round of funding and continues to invest in companies at the Series A stage and beyond. Some of its previous investments include Purplle, Bewakoof, Juicy Chemistry, Smiles.ai, and Mosiac Wellness.
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Furthermore, earlier this year, Godrej Consumer Products (GCPL) announced its intention to invest INR 100 crore in the Early Spring fund, established by Spring Marketing Capital, to support startups at the seed and Pre-Series A stages with investments ranging from INR 5 crore to INR 20 crore.
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