Bengaluru-based fintech startup Niro has successfully raised $11 million in a Series A funding round, marking a significant milestone in the company’s growth. The funding round, which combined equity and debt, saw participation from a group of investors, including Elevar Equity, GMO Venture Partners, Rebright Partners, Mitsui Sumitomo Insurance VC, and others. This latest injection of capital follows Niro’s previous seed funding round in October 2021, where it raised $3.5 million led by Elevar Equity.
Founded in 2021 by Aditya Kumar and Sankalp Mathur, Niro operates as a consumer lending platform that enables e-commerce platforms to provide credit options to their customers. The startup has already partnered with prominent online platforms such as Snapdeal, Quikr, and Housing.com, facilitating loan disbursements totaling over Rs 300 crore across 200 cities since its launch.
With the latest funding, Niro aims to expand its partner network, enhance its product offerings, strengthen its risk analytics capabilities, and invest in technological advancements. The company is targeting a growth trajectory that would elevate its current annual recurring revenue (ARR) of $4 million to $12 million.
Aditya Kumar, Founder and CEO of Niro, expressed confidence in the company’s profitability, stating that although they are currently profitable at a unit level, full profitability is expected to be achieved within the next 18-20 months. Kumar also revealed plans to increase the number of partners to 25 within the next 12-15 months, further expanding Niro’s reach and impact.
Niro’s success can be attributed to its innovative approach in facilitating credit access for consumers, particularly in the e-commerce sector. By collaborating with established online platforms, the startup bridges the gap between consumers and credit options, enabling them to make purchases and fulfill their needs conveniently.
The fintech industry in India has witnessed substantial growth in recent years, with startups like Niro playing a crucial role in driving financial inclusion and expanding access to credit. As the company continues to scale its operations, it is expected to contribute significantly to the development of India’s digital economy and financial landscape.
Niro’s funding success reflects investor confidence in the startup’s business model, as well as the potential for growth and impact in the fintech sector. The company’s strategic plans to leverage the raised capital for expansion and technology enhancement demonstrate a clear vision for the future.
The fintech sector in India is poised for further advancements, and Niro’s continued growth and success will serve as a testament to the country’s thriving startup ecosystem and its ability to foster innovation in the financial services industry.
As Niro embarks on its next phase of growth, industry observers and consumers alike will be keen to see how the company utilizes its newfound resources to drive financial inclusion, improve credit access, and shape the future of consumer lending in India.