Niro, a consumer-lending platform has announced the closure of its Series A round of Rs 90 crore ($11.0 million) through a mix of equity ($8.5mn) and debt ($2.5mn). The Bangalore-based fintech company secured the equity funding from a consortium of investors including Elevar Equity, GMO Venture Partners, Rebright Partners, Mitsui Sumitomo Insurance VC, and others. Venture debt was funded by Innoven Capital. Previously, Niro raised its seed round of USD 3.5 million in October 2021, which was led by Elevar Equity.
Founded in 2021, Niro is an embedded lending platform that enables consumer internet platforms to become lending superpowers. Niro’s vision is to empower consumer internet platforms to become providers of competitive, frictionless and innovative credit (and other financial) products for their consumers. By providing customised credit offerings, Niro empowers these platforms to drive engagement with, and create value for, their end consumers - driving significant revenue growth in the process.
Since its launch less than 16 months ago, Niro has been able to unlock tremendous growth by partnering with leading consumer internet companies such as Snapdeal, Quikr, Housing.com, and several others.
Commenting on the fundraising announcement, Aditya Kumar, Co-Founder & CEO of Niro shared, “Sankalp and I are extremely humbled and excited to share news of this fundraise. Raising capital, especially in this environment, is a testament to the success of the Niro thesis which has seen rapid & real validation in a very short span of time. We’re grateful for Elevar’s continued support, and excited to welcome GMO, Rebright Partners, MSIVC, Venture Catalysts and YAN to our journey. We strive to continue to deliver value for our platform partners, lenders, and ultimately, end consumers.”