- The equity investors include Elevar Equity, GMO Venture Partners, Rebright Partners, Mitsui Sumitomo Insurance VC, and others.
- With this funding, Niro aims to expand partners, enhance products, improve risk analytics, and strengthen tech infrastructure.
- Niro collaborated with consumer internet firms like Snapdeal, Quikr, Housing.com, and many others.
The company, based in Bangalore, received the equity investment from a group of investors that included Elevar Equity, GMO Venture Partners, Rebright Partners, Mitsui Sumitomo Insurance VC, and others. Innoven Capital provided the venture debt funding.
Says Aditya Kumar, co-Founder & CEO of Niro, “Raising capital, especially in this environment, is a testament to the success of the Niro thesis which has seen rapid and real validation in a very short span of time. We strive to continue to deliver value for our platform partners, lenders, and ultimately, end consumers.”
Founded by Kumar and Sankalp Mathur, Niro had raised $3.5 million from Elevar Equity in its seed funding round in October 2021.
Established in 2021, Niro aims to help consumer internet platforms to provide their customers with frictionless, and competitive credit and financial products. It tailors credit options that empower these platforms to engage with their customers better and create more value for them, leading to revenue growth.
Niro has collaborated with consumer internet firms like Snapdeal, Quikr, Housing.com, and many others. The company has disbursed over 300 crore of loans in over 200 cities in India, with a monthly origination run rate exceeding 60 crore.
In other words, loans that originate from Niro’s partner NBFCs for the customers of their partner consumer internet platforms is over 60 crores monthly.
With the completion of this funding round, Niro intends to expand its partner network, enhance its product offerings, improve its risk analytics capabilities, and strengthen its technological infrastructure.
Says Ryu Muramatsu, founding partner, GMO VenturePartners, “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.”