Total amount raised
$18.8 Million
Latest funding date
05/01/2024
Location
Niro has successfully navigated four funding rounds, attracting investments from notable venture capital firms and institutional investors, including Suneight Investment, Rebright Partners, and MARUI GROUP. The company's latest funding round was a Series B, led by MARUI GROUP, contributing to its growth in the fintech sector.
Despite the company's eventual closure, Niro's journey in customizing credit products through its embedded lending platform remains a significant chapter in fintech innovation. Keep reading to explore the intricacies of Niro's fundraising journey and the investors backing this innovative platform.
What Is Niro?
Niro, a fintech startup based in Bangalore, Karnataka, India, specialized in providing an embedded lending platform tailored for customizing credit products to suit consumer needs. The company operated in the financial services industry, focusing on credit, fintech, and lending.
With an employee count ranging from 101 to 250, Niro successfully raised funding over four rounds, with the latest being a Series B round. Despite its eventual closure, Niro's innovative approach to fintech remains noteworthy.
How Much Funding Has Niro Raised?
- Seed Round
- Amount Raised: USD 3,500,000
- Date: October 2021
- Lead Investors: Elevar Equity
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Establishing the company's operations and initial growth.
- Series A Round
- Amount Raised: USD 8,500,000
- Date: April 2023
- Lead Investors: Elevar Equity, GMO Venture Partners, Rebright Partners, Mitsui Sumitomo Insurance VC
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Enhancing technological infrastructure, expanding partner network, diversifying product offerings, and improving risk analytics.
- Debt Financing
- Amount Raised: USD 2,500,000
- Date: April 2023
- Lead Investors: InnoVen Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Supporting growth and expansion efforts.
- Series B Round
- Amount Raised: USD 4,300,000
- Date: May 2024
- Lead Investors: MARUI GROUP
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Further development of the embedded lending platform and market expansion.
Total Amount Raised: USD 18,800,000. Current Valuation: Not publicly disclosed.
Key Investors
- MARUI GROUP
- Details: MARUI GROUP is a Japanese retailing company known for its department stores and credit card services. It has a significant presence in the retail and finance sectors in Japan.
- Investment Focus Areas: Retail, Finance, Credit services
- Notable Investments: Not publicly disclosed
- InnoVen Capital
- Details: InnoVen Capital is a venture debt firm providing debt capital to high-growth ventures in Asia. It supports companies across various stages of growth with flexible financing solutions.
- Investment Focus Areas: Technology, Consumer, Healthcare
- Notable Investments: Not publicly disclosed
- Elevar Equity
- Details: Elevar Equity is a venture capital firm focused on investing in transformative and scalable businesses. It aims to support companies that serve underserved customers in low-income communities.
- Investment Focus Areas: Financial services, Education, Healthcare
- Notable Investments: Not publicly disclosed
- GMO Venture Partners
- Details: GMO Venture Partners is a venture capital firm that bridges Japanese capital with global fintech ecosystems. It invests in early-stage technology companies.
- Investment Focus Areas: Fintech, Technology, Early-stage startups
- Notable Investments: Not publicly disclosed
- Rebright Partners
- Details: Rebright Partners is a venture capital firm focusing on early-stage startups in Southeast Asia and Japan. It aims to support innovative technology companies.
- Investment Focus Areas: Technology, Early-stage startups, Southeast Asia
- Notable Investments: Not publicly disclosed
What's Next for Niro?
As Niro looks to the future, the opportunities for growth are vast. The company plans to strengthen its technological foundation, expand its partner network, and enhance its product offerings. With a monthly loan origination run rate of over Rs 60 crore and disbursements totaling more than Rs 300 crore across 200 cities, the potential for scaling is significant.
Future fundraising opportunities appear promising, given the successful Series A round and the growing interest in fintech solutions. New funds like the Chanakya Fund Trust's INR 100 crore fund and Capria Ventures' $100 million fund could provide additional capital for Niro's expansion.
However, challenges such as competition from other fintech companies, regulatory hurdles, and maintaining robust risk analytics will need to be navigated. Ensuring seamless integration with various consumer internet platforms will also be crucial for sustained growth.
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