Niro, a consumer lending fintech startup, has raised $3.5 million in its seed round led by Elevar Equity. Kunal Shah, Nitin Gupta, Bala Parthasarathy, the Patni Family Office, R. Ramaraj and Aseem Dhru have also joined the round.
The proceeds will be used to expand the team and to develop their product offerings, said Niro in a press release.
Co-founded by Aditya Kumar and Sankalp Mathur, Niro claims to embed personal credit products into leading consumer internet platforms.
The Bengaluru-based startup has been in stealth mode since March, and targets to launch within a month, the founders said. The startup aims to become a provider of competitive and innovative credit products for its consumers.
Elevar Equity, which is the lead investor in this round, is a global fund with offices in the US and India. Previously, it had backed startups such as InCred, Gurugram-based Indifi and Sarvagram.
