Through a combination of equity ($8.5 million) and debt ($2.5 million), the consumer lending platform Niro has raised Rs 90 crore ($11 million) in its Series A round. A group of investors, including Elevar Equity, GMO Venture Partners, Rebright Partners, Mitsui Sumitomo Insurance VC, and others, provided the equity funding for the fintech company. Innoven Capital provided funding for venture debt.
Elevar Equity led a $3.5 million seed round that Niro had previously completed in October 2021.
According to a press release from Niro, the company intends to use the additional funds to strengthen its technological foundation and expand its partner footprint, product offerings, risk analytics, and capabilities.
Niro, a company co-founded by Aditya Kumar and Sankalp Mathur in 2021, aims to integrate personal credit products into top consumer internet platforms. By empowering these platforms, the company hopes to increase engagement, add value, and ultimately produce sizable financial gains.
The company, which has its headquarters in Bengaluru, claimed to have partnered with a number of consumer internet businesses, including Snapdeal, Quikr, Housing.com, and others. It also asserts to have disbursed loans totaling more than Rs 300 crore across more than 200 Indian cities and to have an origination run rate of more than Rs 60 crore each month.
