Niro will use the money raised to improve and broaden its product offerings to users of top internet platforms as well as to new customer groups.
Niro, a fintech startup with headquarters in Bengaluru, has concluded its Series A round, which totaled Rs 90 crore ($11 million), using a combination of stock ($8.5 million) and debt ($2.5 million).
A group of investors, including Elevar Equity, GMO Venture Partners, Rebright Partners, Mitsui Sumitomo Insurance VC, and others, provided the firm with equity capital. InnoVen Capital provided funding for venture debt.
Elevar Equity led Niro’s $3.5 million seed round in October 2021.
Niro is an embedded financing platform for consumer internet platforms; it was founded in 2021. Niro offers them tailored financing options to increase engagement and produce value for the end users, which in turn boosts income.
Visit YourStory.com/2023/04/Embedded-Lending-Startup-Niro-Series-A-Funding-Round to learn more.
Aditya Kumar, co-founder and CEO of Niro, said, “We appreciate Elevar’s ongoing support and are thrilled to welcome GMO, Rebright Partners, MSIVC, Venture Catalysts, and YAN to our adventure. “We strive to continue delivering value for our platform partners, lenders, and ultimately, end consumers.”
According to Jyotsna Krishnan, managing partner of Elevar Equity, “Niro has demonstrated tremendous growth in a short time along with achieving robust risk metrics, close to zero CAC, and in-depth partnerships.”
We see Niro well on its way to making a substantial dent in what is a market of millions of underserved clients, looking for meaningful lending possibilities to match their objectives. This approach is unique in its success and is well placed to scale with this round of investment, she continued.
With a monthly origination run rate of over Rs 60 crore, the company has granted loans totaling more than Rs 300 crore across more than 200 Indian locations. Leading consumer online businesses like Snapdeal, Quikr, Housing.com, and many others are among its partners.
With the help of this fundraising round, Niro hopes to strengthen its technological foundation while also growing its partner network, product line, and risk analytics capabilities.
Aditya and Sankalp, serial business owners in the field, have a strong track record of showcasing their qualifications and founder-market fit. We are honoured to assist them in bridging the fintech ecosystems of India and Japan, said Ryu Muramatsu, founding partner of GMO VenturePartners.