Total amount raised
$18.8 Millions
Latest funding date
05/01/2024
Location
Niro has successfully raised $15.3 million over three funding rounds, including Series A, Series B, and debt financing. The company is backed by notable investors such as Elevar Equity, Suneight Investment, Rebright Partners, and InnoVen Capital.
Keep reading to explore the intricacies of Niro's fundraising journey and the investors backing this innovative fintech platform.
What Is Niro?
Niro, founded in 2021, is a fintech startup based in Bangalore, Karnataka, India. The company was established by Aditya Kumar and Sankalp Mathur.
Niro specializes in embedding personal credit products into leading consumer internet platforms, aiming to democratize access to convenient and hassle-free credit for millions of internet users in India.
With a team of 101-250 employees, Niro focuses on providing personalized, embedded, and frictionless financial services, including personal loans up to ₹7 Lakhs.
How Much Funding Has Niro Raised?
- Seed Round
- Amount Raised: ₹260M (approximately $3.5M)
- Date: October 2021
- Lead Investors: Elevar Equity
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support initial growth and development.
- Series A
- Amount Raised: $8.5M
- Date: April 26, 2023
- Lead Investors: Elevar Equity, GMO Venture Partners, Rebright Partners, Mitsui Sumitomo Insurance VC
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To strengthen Niro's technological foundation, expand its partner footprint, product offerings, risk analytics, and capabilities.
- Debt Financing
- Amount Raised: $2.5M
- Date: April 26, 2023
- Lead Investors: InnoVen Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the expansion of Niro's product offerings and risk analytics capabilities.
- Series B
- Amount Raised: $4.3M
- Date: May 10, 2024
- Lead Investors: MARUI GROUP
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further scale operations and enhance technological infrastructure.
Total Amount Raised: $18.8M. Current Valuation: Not publicly disclosed.
Key Investors
- Elevar Equity
- Details: Elevar Equity is a venture capital firm that focuses on early-stage investments in companies that provide essential services to underserved populations. They led Niro's seed round of $3.5 million in October 2021 and continue to support the company.
- Investment Focus Areas: Financial services, education, healthcare
- Notable Investments: Not publicly disclosed
- InnoVen Capital
- Details: InnoVen Capital is a venture debt firm providing debt capital to high-growth ventures in Asia. They funded the debt portion of Niro's Series A round.
- Investment Focus Areas: Technology, healthcare, consumer services
- Notable Investments: Not publicly disclosed
- MARUI GROUP
- Details: MARUI GROUP is a Japanese retailing company known for its department stores and credit card services. They participated in Niro's Series B round.
- Investment Focus Areas: Retail, finance, technology
- Notable Investments: Not publicly disclosed
- GMO Venture Partners
- Details: GMO Venture Partners is a venture capital firm that bridges Japanese capital with India's fintech ecosystem. They participated in Niro's Series A funding round.
- Investment Focus Areas: Technology, fintech
- Notable Investments: Not publicly disclosed
- Rebright Partners
- Details: Rebright Partners is a venture capital firm that invests in early to growth-stage technology companies. They participated in Niro's Series A funding round.
- Investment Focus Areas: Technology, early-stage startups
- Notable Investments: Not publicly disclosed
What's Next for Niro?
Niro's future looks promising as it continues to expand its technological infrastructure and partner network. With a monthly loan origination run rate of over Rs 60 crore and partnerships with major platforms like Snapdeal and Quikr, the opportunities for growth are substantial. The company aims to enhance its product offerings and risk analytics capabilities, targeting millions of underserved customers in India.
Future fundraising seems likely, given the successful Series A round and the growing interest in fintech solutions. New funds from investors like Capria Ventures and Chanakya Fund Trust could provide additional capital for expansion. However, Niro will need to navigate challenges such as intense competition, regulatory hurdles, and maintaining robust risk metrics as it scales.
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