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Bengaluru-based fintech company Niro has closed its Series A round of Rs 90 crore ($11 million) through a mix of equity ($8.5 million) and debt ($2.5 million).

The startup secured the equity funding from a consortium of investors including Elevar Equity, GMO Venture Partners, Rebright Partners, Mitsui Sumitomo Insurance VC, and others. Venture debt was funded by InnoVen Capital.

In October 2021, Niro raised its seed round of $3.5 million led by Elevar Equity. 

Founded in 2021, Niro is an embedded lending platform for consumer internet platforms. Niro provides them with customised credit offerings to drive engagement and create value for the end consumers, in turn, leading to revenue growth. 

“We’re grateful for Elevar’s continued support, and excited to welcome GMO, Rebright Partners, MSIVC, Venture Catalysts and YAN to our journey,” shared Aditya Kumar, Co-founder and CEO of Niro. “We strive to continue to deliver value for our platform partners, lenders, and ultimately, end consumers.”

“Niro has demonstrated tremendous growth in a short time along, with achieving robust risk metrics, near zero CAC, and in-depth partnerships,” said Jyotsna Krishnan, Managing Partner, Elevar Equity.

“This model is unique in its effectiveness and is well poised to scale with this round of infusion—we see Niro well on its way to making a significant dent in what is a market of millions of underserved customers, looking for thoughtful credit opportunities to meet their aspirations,” she added.

The company has disbursed loans worth over Rs 300 crore across over 200 cities in India and has a monthly origination run rate of over Rs 60 crore. Some of its partners include leading consumer internet companies such as Snapdeal, Quikr, Housing.com, and several others.

With this funding round, Niro aims to expand its partner footprint, product offerings, and risk analytics capabilities as well as bolster its technology layer.

“Aditya and Sankalp, serial entrepreneurs in the space, have demonstrated credentials and founder-market-fit to a great extent. We are honoured to support them by bridging Japan’s capital and India’s fintech ecosystem,” added Ryu Muramatsu, Founding Partner, GMO VenturePartners.