Kanji Forex

What Kanji Forex does

Kanji Forex is a Mumbai-headquartered, RBI-licensed (AD II Authorised Dealer) foreign exchange firm founded in 1935, operating as one of India's established institutional interbank FX brokers. Its core offerings span three integrated service lines: (i) wholesale OTC FX broking for client-banks — including Spot, Forwards, and Options execution — where it pioneered FX Options brokerage in India; (ii) retail and corporate money-changing and outward remittance services, distributed through physical branches in Mumbai Fort, Vile Parle, Pune, and newly launched Chennai, plus a doorstep currency delivery option; and (iii) recurring real-time and historical FX spot and volatility data products distributed via direct subscription and through global vendors including Bloomberg and Thomson Reuters.

The business model is transaction-fee and subscription based. Institutional broking earns bid-ask spread on wholesale FX trades, retail money-changing earns spread capped at a maximum of one percent over interbank rates, remittance fees are charged per transaction under RBI-permitted purposes, and FX market data is sold on subscription through global information vendors and direct feeds. The go-to-market is sales-led and phygital: a small headcount (11-50 employees) combined with a focused branch network and, since 2025, integration with parent company Niyo Global's travel fintech platform.

Since its acquisition by Niyo Global in 2025, Kanji has functioned as the RBI-licensed vehicle inside a 50-branch phygital network targeting 10-15% of India's $45 billion outbound forex market within 18 months. Standalone Kanji revenue is not publicly disclosed; parent Niyo Global reported INR 123.4 crore in FY25 revenue, up 32% YoY. No AI/ML capabilities, patents, or senior AI hires are evidenced in available material.

Name

Kanji Forex

Legal name

Kanji Forex

Website

https://kanji.in

Company type

Private

Founded year

1935

Operating status

Operating

Headcount range

1–10 employees

Short description

Kanji Forex is an RBI-licensed (AD II) foreign exchange firm, founded in 1935, providing institutional interbank FX broking in Spot, Forwards, and Options alongside retail money-changing, remittance, and FX market data subscriptions across India.

Ownership category

akta.pro rank

Product category

Foreign Exchange Broking and Money Changing Services

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Commodity Contracts Intermediation (523160)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Interdealer FX Electronic Communication Networks (ECNs) (FSAFADAA)

akta.pro secondary industries

FX Electronic Trading Platforms (Spot/Forwards/Swaps) (FSAFANAC), Remittances & Retail FX (Consumer Cross-Border) (FSABAAAK), Multi-Currency Accounts, Wallets & FX Management (Consumer/SME) (FSAGAKAF)

Keywords

• Foreign exchange broking
• Money changing services
• Interbank FX brokerage
• Currency exchange retail
• FX market data

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Institutional FX Broking: Interbank FX brokerage providing Spot, Forwards, and Options execution services to client-banks and wholesale institutional clients. Revenue generated from brokerage on FX transactions in wholesale markets.
2. Retail Money Changing: Currency exchange (buy/sell) for private and corporate clients. Competitive rates achieved through in-depth wholesale FX market knowledge, with a maximum spread of one percent on interbank rates. Includes doorstep delivery service.
3. FX Market Data Subscription: Real-time and historical FX spot and volatility data provided via direct data feed subscription and through global information vendors such as Bloomberg and Thomson Reuters.
4. Remittance Services: Funds remittance abroad for various purposes permitted by RBI under the AD II Licence issued to Kanji Forex.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

Kanji Forex is an RBI-licensed AD II Authorised Dealer providing foreign exchange services across three integrated lines: (1) retail and corporate money changing with doorstep currency delivery and outward remittance; (2) institutional interbank FX broking for client-banks covering Spot FX, Forwards, and Options; and (3) subscription-based real-time and historical FX market data supplied directly and via Bloomberg, Thomson Reuters, and other global information vendors. The company operates physical branches in Mumbai and Pune with a new Chennai branch launched in April 2026.

Product overview

Kanji Forex is an RBI-licensed (AD II License) foreign exchange company established in 1935, operating as one of India's leading institutional brokers in the Indian Foreign Exchange markets. The company operates three integrated service lines: (1) Money Changing Service for retail and corporate clients offering currency exchange with doorstep delivery; (2) Institutional FX Broking providing wholesale interbank brokerage for spot, forwards, and options to client-banks; and (3) FX Market Data supplying real-time and historical FX data to financial institutions. The company maintains physical branch locations in Mumbai (Fort, Vile Parle) and Pune.

Differentiator

Problem solved

Functional benefit

Products and services

• Money Changing and Remittance Service Retail and corporate currency exchange service allowing customers to buy or sell major world currencies at competitive rates with a maximum one percent spread on interbank rates, and to remit funds abroad for RBI-permitted purposes. Includes home/office doorstep delivery of foreign currency for private and corporate clients in Mumbai and Pune.
• Institutional FX Broking Wholesale foreign exchange brokerage service acting as intermediary in the interbank FX market for client-banks, providing full execution OTC brokerage across Spot FX, Forwards, and Options with transparency and agility. Kanji Forex was the first broker in India to offer FX Options Services to client-banks with global footprints and large Indian private sector banks.
• FX Market Data Subscription

Quantifiable outcome

• Maximum spread capped at one percent on interbank rates for money-changing services

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

One partnership is on record.

• Niyo GlobalcoreStrategic or Co-development Partner · 23 October 2025Niyo Global, India's travel fintech platform, acquired Kanji Forex to bolster its foreign exchange operations. Kanji Forex operates as an RBI-licensed AD II Authorised Dealer. The acquisition is part of Niyo's strategy to expand into travel solutions and build a nationwide phygital forex network. Kanji now operates branches (e.g., Chennai, Mumbai, Pune) under Niyo's expansion plan targeting India's $45 billion outbound forex market.

Scale indicators5 records

Recent moves5 records

Expansion highlights5 records

Broad incumbents

• ICICI Bank: Large Indian private-sector bank offering retail forex, outward remittance, and forex cards as part of a broader banking portfolio; competes for the same retail and SME customers that Kanji targets.
• EBS Market (CME Group): Global institutional FX electronic broking venue operated by CME Group; competes with Kanji's institutional FX broking desk in the wholesale interbank FX market.
• Wise (formerly TransferWise): Global digital cross-border money movement and FX platform; competes with Kanji's remittance and currency exchange offerings from a tech-led, lower-spread position.
• HDFC Bank: One of India's largest private-sector banks offering retail forex and outward remittance; represents the bank-channel competition for Kanji's AD II money-changing and remittance franchise.

Direct peers

• Thomas Cook India: Large Indian travel and forex services company with retail money-changing, outward remittance, and travel forex card products; Kanji already partners with Thomas Cook for card products, making it a directly comparable franchise.
• BookMyForex: Online forex marketplace and remittance platform in India offering retail currency exchange and outward remittance; the digital-native competitor against which Kanji's phygital retail expansion must compete.
• Centrum Direct: Indian forex, remittance, and payment services business with RBI authorisation; offers comparable money-changing, forex cards, and outward remittance to Kanji.
• Unimoni India (formerly UAE Exchange India): India-focused remittance and foreign exchange brand with branch and digital presence; competes head-on with Kanji in retail forex and outward remittance under RBI licence.
• Muthoot Forex (Muthoot Fincorp): Indian RBI-licensed AD II forex and remittance operator with a large branch network; directly competes with Kanji in retail money-changing and outward remittance.

Others

• Refinitiv (LSEG) FX Trading: Major FX market data vendor and electronic trading platform operator; comparable because Kanji distributes its FX market data via Refinitiv/Thomson Reuters, putting them in overlapping customer ecosystems.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/kanji-pitamber-co

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Kanji Forex