The money obtained will be utilized to improve and extend Niro’s product offerings to users of prominent online platforms, as well as to reach new client categories.
Niro, a Bengaluru-based fintech business, has concluded its Rs 90 crore ($11 million) Series A round with a combination of equity ($8.5 million) and debt ($2.5 million). Elevar Equity, GMO Venture Partners, Mitsui Sumitomo Insurance VC, Rebright Partners, and other investors contributed to the startup’s equity capital. InnoVen Capital provided venture loan funding.
Niro raised $3.5 million in a seed round sponsored by Elevar Equity in October 2021. Niro, which was founded in 2021, is an integrated financing platform for consumer online platforms. Niro offers them tailored credit options to increase engagement and generate value for end users, resulting in revenue growth.
“We’re grateful for Elevar’s continued support, and we’re excited to welcome GMO, Rebright Partners, MSIVC, Venture Catalysts, and YAN to our journey,” said Aditya Kumar, Co-founder, and CEO of Niro. “We strive to continue delivering value to our platform partners, lenders, and, ultimately, end consumers.”
Niro has shown incredible development in a short period of time, with rigorous risk measures, near zero CAC, and deep connections, according to Jyotsna Krishnan, Managing Partner at Elevar Equity. With this round of funding, we envision Niro well on its way to making a substantial dent in a market of millions of underserved clients searching for meaningful lending possibilities to match their objectives, she added.
The firm has given loans worth more than Rs 300 crore in over 200 Indian cities and has a monthly origination run rate of more than Rs 60 crore. Leading consumer internet firms such as Quikr, Snapdeal, Housing.com, and others are among its partners. Niro intends to use this capital round to grow its partner presence, risk analytics capabilities, product offerings, and as well as strengthen its technology layer.