Niro Raises INR 90 Crores In a Series A Funding Niro secured funds from a pool of notable investors, including Elevar Equity, GMO Venture Partners, Rebright Partners and Mitsui Sumitomo Insurance VC.
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On Wednesday, Niro, an embedded consumer lending Fintech platform, announced it had closed its Series A funding round and raised INR 90 crores through a mix of equity and debt. The fintech startup was founded by Aditya Kumar and Sankalp Mathur in 2021.
"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," shares Aditya Kumar, Co-Founder & CEO of Niro, on the occasion.
The Bangalore-based startup previously raised USD 3.5 Mn in seed funding in 2021. Niro secured funds from a pool of notable investors, including Elevar Equity, GMO Venture Partners, Rebright Partners and Mitsui Sumitomo Insurance VC.
"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," commented Jyotsna Krishnan, Managing Partner, Elevar Equity.
The startup offers customized credit offerings, by which they enable consumer internet platforms to engage with its consumers and create value for them. Niro has already partnered with companies such as Snapdeal, Quikr and Housing.com, has disbursed over 300 crores worth of loans across 200+ cities in India and professes to have the highest disbursal rate of 94 per cent.
"As GMO, we believe in the founders with solid execution capabilities and a genuine dedication to problem-solving. Aditya and Sankalp, serial entrepreneurs in the space, have demonstrated credentials and founder-market-fit to a great extent. We are honoured to support them by bridging Japan's capital and India's fintech ecosystem," said Ryu Muramatsu, Founding Partner, GMO VenturePartners.
The startup offers customized credit offerings, by which they enable consumer internet platforms to engage with its consumers and create value for them. Niro has already partnered with companies such as Snapdeal, Quikr and Housing.com, has disbursed over 300 crores worth of loans across 200+ cities in India and professes to have the highest disbursal rate of 94 per cent.
