Niro, an embedded consumer-lending platform headquartered in Bangalore, has successfully concluded its Series A funding round, raising ₹90 crore ($11 million). The funding comprises an equity component of $8.5 million (₹69 crore) and a debt component of $2.5 million (₹20 crore).
Funding Details
The equity investment was contributed by a consortium of investors, including Elevar Equity, GMO Venture Partners, Rebright Partners, Mitsui Sumitomo Insurance VC, among others. Innoven Capital extended the venture debt financing.
Aditya Kumar, co-Founder & CEO of Niro, expressed his gratitude, stating, “Raising capital, especially in this environment, is a testament to the success of the Niro thesis which has seen rapid and real validation in a very short span of time. We strive to continue to deliver value for our platform partners, lenders, and ultimately, end consumers.”
Company Background
Founded by Aditya Kumar and Sankalp Mathur, Niro embarked on its journey in 2021 with the mission to assist consumer internet platforms in offering seamless and competitive credit and financial products to their customers. By tailoring credit solutions, Niro empowers these platforms to enhance customer engagement and drive revenue growth.
In its earlier seed funding round in October 2021, Niro secured $3.5 million from Elevar Equity.
Operational Highlights
Niro has forged partnerships with prominent consumer internet firms such as Snapdeal, Quikr, Housing.com, among others. The company has facilitated loan disbursements exceeding ₹300 crore across 200 cities in India, boasting a monthly origination run rate surpassing ₹60 crore.
Future Plans
With the completion of the Series A funding, Niro aims to bolster its partner network, diversify its product portfolio, enhance risk analytics capabilities, and fortify its technological infrastructure.
Ryu Muramatsu, founding partner at GMO Venture Partners, commended the founders, stating, “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.”
