Consumer-lending platform Niro has raised Rs 90 crore ($11 million) in its Series A round through a mix of equity ($8.5 million) and debt $2.5 million). The fintech company secured the equity funding from a consortium of investors including Elevar Equity, GMO Venture Partners, Rebright Partners, Mitsui Sumitomo Insurance VC, and others. Venture debt was funded by Innoven Capital.
Niro had earlier raised $3.5 million in a seed round in October 2021 which was spearheaded by Elevar Equity.
The company plans to utilise the fresh funds to expand its partner footprint, product offerings, risk analytics, capabilities and bolster its technology layer, Niro stated in a press release.
Co-founded in 2021 by Aditya Kumar and Sankalp Mathur, Niro aims to embed personal credit products into leading consumer internet platforms. The company empowers these platforms to drive engagement, create value, and in turn generate significant revenues.
The Bengaluru-based company said that it has partnered with consumer internet companies such as Snapdeal, Quikr, Housing.com, and several others. It also claims to have disbursed over Rs 300 crore of loans across more than 200 cities in India and has a monthly origination run rate of over Rs 60 crore.