Fintech startup NIRA pulls in fresh funding

Shuhari Tech Ventures Pvt. Ltd, which operates the blue- and grey-collar worker-focussed financial technology startup NIRA, has raised $1 million (Rs 7.41 crore at current exchange rates) in a fundraising round.

In a statement, Bengaluru-based NIRA said it has raised this capital from existing angel investors in the company. It did not disclose their identities.

NIRA was set up in 2017 by Rohit Sen and Nupur Gupta, both of whom worked at Goldman Sachs prior to setting up the fintech firm. The company says it offers access to credit to working class citizens, with loans of up to Rs 1 lakh for up to one year.

It will use the capital it has raised to grow its operations, enhance its technological infrastructure and scale lending volumes.