Niro, a Bengaluru-based fintech startup, has closed its Series A round of Rs 90 crore ($11 million) through a mix of equity ($8.5 million) and debt ($2.5 million).

The Bengaluru-based fintech startup secured equity funding from a consortium of investors, including GMO Venture Partners, Rebright Partners, Elevar Equity, Mitsui Sumitomo Insurance VC, and others. Debt funding was led by InnoVen Capital.

As per the startup, the freshly raised funds will be used to expand its partner footprint, product offerings, and risk analytics capabilities and bolster its technology layer.

Niro | Embedded Lending Platform

Co-founded by Aditya Kumar and Sankalp Mathur in 2021, Niro is an embedded lending platform for consumer internet platforms. The Bengaluru-based fintech startup provides them with customised credit offerings to drive engagement and create value for the end consumers, in turn, leading to revenue growth.

Speaking about the development, Aditya Kumar, Co-Founder & CEO of Niro, said,

“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.”

It enables consumer internet platforms to create best-in-class credit products that are personalised, flexible and competitive, driving take rates & scale.

The startup claims to have disbursed loans worth over Rs 300 crore across over 200 cities in India and has a monthly origination run rate of over Rs 60 crore. Since its launch less than 16 months ago, the Bengaluru-based fintech startup said it has been able to unlock growth by partnering with several leading consumer internet companies, including Snapdeal, Quikr, Housing.com, and several others.

In October 2021, Niro raised $3.5 million in a seed funding round led by Elevar Equity.

Commenting on the development, Ryu Muramatsu, Founding Partner at GMO VenturePartners, said,

“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.”

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