Multiples Alternate Asset Management (Multiples), a private equity platform, has invested $30 million in Niyo, a consumer-focused fintech platform.
The funds will be utilised to expand product capabilities and increase the customer base through organic and inorganic opportunities. The proceeds will also be used for brand building and bolstering team strength across functions.
Avendus Capital was the exclusive financial advisor on the transaction.
Nithya Easwaran, Managing Director, Multiples, said, “Vinay and Viren are building Niyo with a strong technology and partnership DNA. We are very excited to partner with them in the journey to build India’s leading fintech platform and accelerate digital adoption of financial products across the country.”
She highlighted that Niyo’s products are designed to deliver superior economic value and a frictionless, highly engaging experience to customers.
India has 750 million smartphone users which are expected to grow to 1 billion over the next 3-4 years. “Fintech platforms in symbiotic collaboration with traditional financial institutions can construct and deliver embedded sachet products digitally and cost-effective manner thereby driving financial inclusion”, she added.
Vinay Bagri, CEO and Co-founder, Niyo said, ““We are extremely excited to partner with Multiples as we continue on our growth journey to transform the way India banks. We hope to leverage the deep expertise and relationships that the Multiples team brings in the Indian financial services domain as we’re looking to expand our capabilities to build a highly valuable consumer financial services platform.”
Virender Bisht, CTO and Co-founder, Niyo said, “With this fund raise, our focus is on enhancing product development, improving our product suite to have more consumer-focused products like credit cards, remittances, loans etc. Our foray into new product categories will help us leverage the massive tailwinds for digital financial products the market is seeing today.”
Some of Multiples’ distinctive investments include Vastu Housing Finance, Acko, Encube, Zenex, PVR, Delhivery, Dream Sports, Quantiphi, Licious, and MoEngage.
Founded in 2015, Niyo offers digital savings accounts as well as wealth management services to customers in partnership with banks and other financial institutions. It also issues travel cards in partnership with SBM and DCB Bank for international remittance. The company also provides zero-balance prepaid cards for blue- collar workers in partnership with YES Bank.