Niyo Expands Into New Verticals: Flight Booking and Visa Application
To provide consumers with end-to-end travel solutions through its app, neobanking startup Niyo Solutions has expanded into the flight booking and visa application categories.
An in-house airline booking platform has been established by the Bengaluru-based fintech business. It offers seamless zero-fee local and international ticket booking services.
The app also features a new visa booking product that the business has released to make the visa application process easier for travelers.
The business stated in a statement that they anticipate a 50% rise in average expenditure per customer on the platform as a result of the change.
Niyo stated that it plans to reduce the total processing time for visa applications with its new solution. In 2015, Vinay Bagri and Virender Bisht established Niyo, a bank-affiliated company that provides consumers with debit and credit cards that do not incur any foreign exchange markup.
The growth, according to CEO Bagri, is in keeping with the startup's objective of enhancing its standing in the travel banking industry.
Making the Entry at the Right Time
Niyo's foray into the travel technology sector comes at a time when the worldwide tourism market is expected to expand at a compound annual growth rate of 5.4%, reaching a size of $16.9 trillion by the year 2030.
In addition to this, it will place Niyo in direct rivalry with other firms like EaseMyTrip, ixigo, and Atlys.
Niyo solicited investment from Spring Marketing Capital, a venture capital firm, in October of the previous year, but the amount of funding it received was not disclosed.
The firm had previously raised $30 million from Multiples Alternate Asset Management in 2022 to establish its brand and extend its product offering.
Growth of Global Tourism
Following the pandemic's disruption of daily life and leisure activities, travel is making a triumphant return. After suffering a 75% value loss in 2020, the industry is expected to fully recover by the end of 2024. The majority of these travelers have been engaging in what is commonly referred to as "revenge travel," or resuming overseas or bucket list adventures that were postponed due to the outbreak. However, domestic travel is also on the upswing and will account for 70% of all travel expenditure by 2030.
In this era of artificial intelligence, travel companies must reevaluate their customer interactions, product development, and operational management strategies. Companies that take a comprehensive approach to digital and analytics prospects might increase their earnings by as much as 25%, according to a report from McKinsey Digital.
Nitin Konde
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