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Niyo reinstates Sai Sankar as CBO; forex business to add 100 plus roles in FY27
Appointment comes as travel fintech plans 100 plus hires and wider distribution
BENGALURU: Niyo has reappointed Sai Sankar as chief business officer for its forex business, signalling a sharper push into distribution-led growth as the travel fintech scales its cross-border operations.
A founding team member, Sankar returns after a two-year entrepreneurial break, having earlier spent nearly eight years helping build Niyo’s zero-forex-markup travel card and leading its travel card business as chief business officer in 2023.
The move comes as Niyo steps up ambitions in forex and outbound travel, targeting 10–15 per cent of India’s cross-border market. The company has outlined a 50-branch phygital expansion across high-traffic travel and forex corridors, deepening its physical footprint in cities such as Mumbai, Pune, Hyderabad, Bengaluru and Gurugram.
As part of the next phase, Niyo’s forex unit plans to add more than 100 roles in FY27, strengthening partner-facing teams and on-ground execution as outbound travel demand accelerates.
“Sai has played a defining role in shaping Niyo’s forex journey from the early days,” said Niyo founder and CEO Vinay Bagri. “As we scale distribution and partnerships, his execution focus will be critical to the next phase of growth.”
In his role, Sankar will drive distribution strategy, expand partner-led channels and build presence across key travel corridors, working closely with product and operations teams. The forex division is led by Niyo Forex CEO Amit Talwar.
“Niyo’s forex business is at an inflection point,” Sankar said. “With strong product-market fit and a clear roadmap, the focus now is scale, partnerships and accessibility for Indian travellers.”
Founded in 2015, Niyo has emerged as a leading travel fintech serving leisure travellers, students and professionals, blending digital-first forex products with a growing physical and partner-led network.
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Maharashtra panel orders Lodha to refund Rs 5 crore to homebuyers
Consumer court flags unfair practices in long-running property dispute case
MUMBAI: In a sharp rebuke to one of India’s biggest real estate players, the Maharashtra State Consumer Disputes Redressal Commission has directed Macrotech Developers to refund nearly Rs 5 crore to a senior citizen couple, Uttam and Anindita Chatterjee. The ruling, delivered on March 13, 2026, calls out the developer for “deficiency in service” and “unfair trade practices”, bringing closure to a dispute that has stretched over a decade.
The case traces back to 2015, when the couple booked a 3-BHK flat at World Towers in Lower Parel for Rs 12.22 crore, with possession promised within a year. What followed was a series of changes that complicated matters. After deciding to exit the project, they were persuaded to shift to a 4-BHK in another development priced at Rs 8 crore, with delivery scheduled for 2018. However, within months, the price was allegedly increased to Rs 10 crore. After demonetisation reshaped the market, similar flats were reportedly being offered at lower prices, but the couple were not given the benefit.
Despite paying over Rs 2.83 crore, the couple neither received possession nor clarity. Instead, in 2018, the developer unilaterally cancelled the booking, retained part of the amount as earnest money, and argued that the buyers were investors rather than consumers. The commission rejected this claim, observing that casual references to “investment” do not take away consumer rights when the purchase intent is residential.
The bench also held that the developer could not penalise buyers for payment delays while failing to meet its own delivery commitments. It noted the lack of formal documentation for revised terms and termed the prolonged retention of funds without delivering a home as exploitative.
As part of its order, the commission directed the developer to refund Rs 2.83 crore paid by the couple, along with interest at 10 per cent per annum, amounting to around Rs 2.12 crore. In addition, Rs 1 lakh has been awarded for mental agony and Rs 50,000 towards litigation costs, taking the total payout to over Rs 5 crore. The developer has been asked to comply within two months.
For now, the ruling serves as a reminder that in real estate, shifting terms and delayed promises can carry a significant cost.
