Get All Access for $5/mo

Niro Raises INR 90 Crores In a Series A Funding Niro secured funds from a pool of notable investors, including Elevar Equity, GMO Venture Partners, Rebright Partners and Mitsui Sumitomo Insurance VC.

By Paromita Gupta

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Niro
L-R: Aditya Kumar, Sankalp Mathur

On Wednesday, Niro, an embedded consumer lending Fintech platform, announced it had closed its Series A funding round and raised INR 90 crores through a mix of equity and debt. The fintech startup was founded by Aditya Kumar and Sankalp Mathur in 2021.

"Sankalp and I are extremely humbled and excited to share news of this fundraise. Raising capital, especially in this environment, is a testament to the success of the Niro thesis which has seen rapid & real validation in a very short span of time. We're grateful for Elevar's continued support, and excited to welcome GMO, Rebright Partners, MSIVC, Venture Catalysts and YAN to our journey. We strive to continue to deliver value for our platform partners, lenders, and ultimately, end consumers," shares Aditya Kumar, Co-Founder & CEO of Niro, on the occasion.

The Bangalore-based startup previously raised USD 3.5 Mn in seed funding in 2021. Niro secured funds from a pool of notable investors, including Elevar Equity, GMO Venture Partners, Rebright Partners and Mitsui Sumitomo Insurance VC.

"Niro has demonstrated tremendous growth in a short time along with achieving robust risk metrics, near-zero CAC, and in-depth partnerships. This model is unique in its effectiveness and is well-poised to scale with this round of infusion - we see Niro well on its way to making a significant dent in what is a market of millions of underserved customers, looking for thoughtful credit opportunities to meet their aspirations," commented Jyotsna Krishnan, Managing Partner, Elevar Equity.

The startup offers customized credit offerings, by which they enable consumer internet platforms to engage with its consumers and create value for them. Niro has already partnered with companies such as Snapdeal, Quikr and Housing.com, has disbursed over 300 crores worth of loans across 200+ cities in India and professes to have the highest disbursal rate of 94 per cent.

"As GMO, we believe in the founders with solid execution capabilities and a genuine dedication to problem-solving. Aditya and Sankalp, serial entrepreneurs in the space, have demonstrated credentials and founder-market-fit to a great extent. We are honoured to support them by bridging Japan's capital and India's fintech ecosystem," said Ryu Muramatsu, Founding Partner, GMO VenturePartners.

The startup offers customized credit offerings, by which they enable consumer internet platforms to engage with its consumers and create value for them. Niro has already partnered with companies such as Snapdeal, Quikr and Housing.com, has disbursed over 300 crores worth of loans across 200+ cities in India and professes to have the highest disbursal rate of 94 per cent.

Paromita Gupta

Features Writer with Entrepreneur India

Covering news and trends in AI and Metaverse segments. An avid book reader running her personal blog on the side. You may reach me at paromita@entrepreneurindia.com. 
Business News

Y Combinator Helped Launch Reddit, Airbnb and Dropbox. Here's What I Learned From Its Free Startup School.

The famed startup accelerator offers a free course on building a business — and answers five pressing questions for founders.

Business News

New Southwest Airlines Major Investor Wants to Force Out CEO, Slams Company's 'Stubborn Unwillingness to Evolve'

Elliot Investment Management announced a $1.9 billion stake in the Dallas-based Southwest Airlines on Monday and is urging shareholders to vote for new leadership.

Science & Technology

Why We Shouldn't Fear AI in Education (and How to Use It Effectively)

Facing resistance to new technologies in the educational process is nothing new, and AI is no exception. Yet, this powerful tool is set to overcome these challenges and revolutionize education, preparing students and professionals for a future of unparalleled efficiency and personalized learning.

Business News

A Former Corporate Lawyer Now Makes Six Figures on YouTube — Here's How She Does It

Here are the secrets to starting and growing a successful YouTube channel, according to a YouTuber with millions of subscribers.

Business News

Apple's AI Has a Catch — And It Could Help Boost Sales

Not every iPhone owner will get to use the new Apple Intelligence.