Indian embedded lending platform Niro raises $11m

Niro co-founders Aditya Kumar (left) and Sankalp Mathur / Photo credit: Niro

Niro, a Bangalore-based fintech firm, enables consumer internet platforms to offer customized credit offerings and products to end users as a way to retain them.

Some of its partners include ecommerce firms such as Snapdeal and Quikr as well as real-estate marketplace Housing.com.

Niro has secured a mix of US$8.5 million equity and US$2.5 million debt for its its series A funding round.

The venture debt was funded by Innoven Capital. Elevar Equity is a returning investor, which led Niro’s US$3.5 million seed round in October 2021.

Funding details

• Funding amount: US$11,000,000
• Other investors: GMO Venture Partners, Mitsui Sumitomo Insurance Venture Capital (MSIVC), InnoVen Capital, Elevar Equity, Rebright Partners
• Stage: Series A

In a statement, Niro said it has disbursed over 300 crore rupees (US$36.7 million) of loans across more than 200 cities in India. The startup said it’s looking to make strategic investments to enhance its risk and analytics capabilities.

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