The lending tech startup is raising $4.3 Mn in its pre-Series B funding round, which will also see participation from existing investors
Elevar Capital, GMO Ventures, Rebright Partners, Mitsui Sumitomo Insurance VC, ZNL Growth Fund, and Suneight are among the existing investors participating in the round
Niro posted an operating revenue of INR 9.5 Cr in FY23, while its net loss stood at INR 23.8 Cr during the year
Bengaluru-based fintech startup Niro is raising $4.3 Mn in what seems to be its pre-Series B funding round. The lending tech startup is raising the capital from listed Japanese retailer Marui Group, along with its existing investors.
As per its regulatory filings, Elevar Equity, GMO Venture Partners, Rebright Partners, Mitsui Sumitomo Insurance VC, ZNL Growth Fund, and Suneight are among the existing investors which are participating in the funding round.
It must be noted that the funding amount can go up if the startup manages to get more investors.
Niro is raising the capital at a valuation of about INR 456.6 Cr (about $55 Mn), as per Inc42 estimates.
Niro declined to comment on the development.
Earlier this year, VCCircle reported that Niro was looking to raise $6 Mn in its pre-Series B funding round.
The development comes almost a year after the startup raised $11 Mn in a mix of equity and debt funding round. The round was led by Elevar Capital, and saw participation from GMO Ventures, Rebright Partners, Mitsui Sumitomo Insurance VC, among others.
Founded in 2021 by Aditya Kumar and Sankalp Mathur, Niro provides embedded lending solutions for users of consumer internet platforms. It allows consumer businesses to embed customised credit offerings to drive revenue growth.
The startup has partnerships with Aditya Birla Capital, IDFC First Bank, Muthoot Finance, PayU Finance, among others, to offer loans to its customers.
It provides loans between INR 50,000 to INR 7 Lakh and claims to disburse it within 24 hours. The startup claims to have disbursed loans worth over INR 900 Cr with an outstanding loan book of INR 600 Cr.
Niro posted an operating revenue of INR 9.5 Cr in the financial year 2022-23 (FY23), while its net loss stood at INR 23.8 Cr during the year.
With this fundraise, the startup will have raised $18.5 Mn across multiple funding rounds. Niro competes against the likes of KrediBee, MoneyTap, and BankBazaar.
