Bengaluru Niro, a consumer-lending platform has closed its Series A round of Rs 90 crore ($11 million) through a mix of equity ($8.5 million) and debt ($2.5 million). The Bengaluru-based fintech company secured the equity funding from a consortium of investors including Elevar Equity, GMO Venture Partners, Rebright Partners, and Mitsui Sumitomo Insurance VC. Venture debt was funded by Innoven Capital.
With this funding round, Niro aims to expand its partner footprint, product offerings, risk analytics capabilities and bolster its technology layer
“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,” said Aditya Kumar, co-founder and CEO of Niro.
Previously, Niro raised its seed round of $3.5 million in October 2021, which was led by Elevar Equity.
Founded in 2021, Niro aims 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 enables these platforms to drive engagement with and create value for, their end consumers.
Since its launch less than 16 months ago, Niro has unlocked growth by partnering with leading consumer internet companies such as Snapdeal, Quikr and Housing.com.The company has disbursed loans worth over Rs 300 crore across over 200 cities in India and has a monthly origination run rate of over Rs 60 crore.
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“Niro has demonstrated tremendous growth in a short time along with achieving robust risk metrics, near zero CAC (customer acquisition cost), and in-depth partnerships,” said Jyotsna Krishnan, managing partner, Elevar Equity.