Fintech platform Niro has raised Rs 90 crore in a Series A round of funding, which was a mix of equity and debt. The funding was raised from a host of investors including Elevar Equity, GMO Venture Partners, Rebright Partners, Mitsui Sumitomo Insurance VC, and others. Venture debt was funded by Innoven Capital. The venture debt has been funded by Innoven Capital
Niro had raised $3.5 million (approximately Rs 28 crore) in October 2021 in a round led by Elevar Equity. The funds raised will be utilised to enhance and diversify Niro’s product offerings. The company will also expand its product and technology capabilities apart from making strategic investments in risk and analytics competencies.
Aditya Kumar, Co-founder and CEO of the company said that with the fundraise, they are now inspired to deliver value to their platform partners, lenders and the end consumers.
Jyotsna Krishnan, Managing Partner, Elevar Equity called Niro’s business model “unique” and said, “Niro has demonstrated tremendous growth in a short time along with achieving robust risk metrics, near zero CAC, and in-depth partnerships. This model is unique in its effectiveness and is well poised to scale with this round of infusion – we see Niro well on its way to making a significant dent in what is a market of millions of underserved customers, looking for thoughtful credit opportunities to meet their aspirations.
The Bengaluru-based company was founded in 2021 by Kumar and Sankalp Mathur. It is an embedded lending platform that enables consumer internet platforms to ace lending. The company’s statement highlighted that Niro’s aim is to empower these platforms so that they are able to provide competitive, frictionless and innovative credit (and other financial) products for their consumers.
Since its inception, the company has partnered with prominent players in the country including the likes of Snapdeal, Quikr, Housing.com, among others. It has disbursed over 300 crores of loans across 200 cities in India and has a monthly origination run rate of over Rs 60 crores.