Niyo Narrows Losses To INR 143.47 Cr, Revenue Declines 28.6% In FY24

Niyo, a neobanking startup, reported a reduction in net loss by 18.95% to INR 143.47 crore in FY24 from INR 177.03 crore in the previous fiscal year. The company’s operating revenue declined by 28.6% to INR 93.84 crore from INR 131.44 crore in FY23. The reduction in losses was attributed to lower overall expenses, which fell by 20.3% to INR 250.75 crore. Founded in 2015, Niyo provides banking solutions tailored to customers’ needs. Despite the revenue decline, the company managed to narrow its losses through cost-cutting measures and efficient expense management. This financial performance reflects Niyo’s efforts to optimize operations and improve profitability amidst challenging market conditions. The company’s focus on reducing expenses while maintaining service quality has been pivotal in achieving this turnaround.