Consumer lending platform Niro raises Series A funding of Rs 90 crore

Bengaluru Niro, a consumer lending platform, closed its first 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 company has secured equity funding from a group of investors including Elevar Equity, GMO Venture Partners, Rebright Partners and Mitsui Sumitomo Insurance VC. Debt Venture was funded by Innofin Capital.

With this funding round, Niro aims to expand its partner footprint, product offerings, and risk analysis capabilities and enhance its technology layer.

“The capital raise, especially in this environment, is testament to the success of Nero’s thesis which has seen rapid and real realization in a very short period of time,” said Aditya Kumar, Co-Founder and CEO of Nero.

Previously, Niro raised its $3.5 million seed round in October 2021, led by Elevar Equity.

Founded in 2021, Niro aims to enable consumer internet platforms to become competitive, frictionless and innovative providers of credit (and other financial products) to their customers. By offering customized credit offerings, Niro enables these platforms to increase interaction with and create value for end consumers.

Since its launch less than 16 months ago, Niro has unlocked growth by partnering with leading consumer internet companies like Snapdeal, Quikr, and Housing.com. The company has disbursed loans worth more than Rs 300 crore across more than 200 cities in India and has a monthly facility run rate of more than Rs 60 crore.