Bengaluru-based Fintech Niro Raises $11M in Series A Funding for Embedded Lending
- ByStartupStory | April 27, 2023
Niro, a fintech company based in Bengaluru, has successfully completed its Series A funding round worth Rs 90 crore ($11 million) with a combination of equity ($8.5 million) and debt ($2.5 million). The startup raised equity capital from a group of investors, including Elevar Equity, GMO Venture Partners, Rebright Partners, Mitsui Sumitomo Insurance VC, among others. InnoVen Capital provided the venture debt funding.
Niro, a recently established fintech startup, secured $3.5 million in its seed funding round led by Elevar Equity in October 2021. Niro’s core business is an embedded lending platform for consumer internet platforms, which offers tailor-made credit options to enhance customer engagement and generate value for end-users, resulting in revenue expansion.
Aditya Kumar, the CEO and Co-founder of Niro, expressed gratitude towards Elevar Equity for their continued backing and welcomed GMO, Rebright Partners, MSIVC, Venture Catalysts, and YAN to their journey following the successful Series A funding round. Kumar emphasized Niro’s commitment to providing value for their platform partners, lenders, and most importantly, their end consumers, and looks forward to delivering on that promise.
Jyotsna Krishnan, the Managing Partner at Elevar Equity, commended Niro for their rapid growth and impressive risk metrics, as well as their strategic partnerships and minimal customer acquisition costs. Krishnan highlighted the uniqueness and effectiveness of Niro’s business model and believes the startup is in a strong position to scale with the infusion of funds from the Series A round. Krishnan sees Niro as a promising player in the underserved credit market, which represents millions of customers seeking customized credit solutions to fulfill their aspirations.
Niro has successfully extended loans worth more than Rs 300 crore across 200 cities in India, with a monthly origination run rate of over Rs 60 crore. The fintech company has partnered with top consumer internet firms such as Quikr, Snapdeal, Housing.com, and others. The Series A funding will enable Niro to broaden its partner network, product offerings, and risk analytics capabilities while enhancing its technology layer. Ryu Muramatsu, Founding Partner at GMO Venture Partners, expressed his admiration for Niro’s founders, Aditya and Sankalp, who have demonstrated expertise in the fintech industry. Muramatsu is pleased to facilitate collaboration between Japan’s capital and India’s fintech ecosystem.
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