Fintech startup Niro raises $11 million from Elevar Equity, others

Fintech Niro has raised USD 11 million (about Rs 90 crore) in a funding round through a mix of equity and debt from a clutch of investors. While the equity capital, raised in series A round, came in from Elevar Equity, GMO Venture Partners, Rebright Partners and Mitsui Sumitomo Insurance VC, among others, the debt capital was funded by Innoven Capital.

Previously, the Bengaluru-based firm had raised USD 3.5 million in October 2021 from investors led by Elevar Equity in the seed funding round.

Niro, founded in 2021 by Aditya Kumar and Sankalp Mathur, enables e-commerce platforms to give credit to their consumers. Its partners include Snapdeal, Quikr, Housing.com.


Since its launch, it has disbursed over Rs 300 crore of loans across 200 cities and has a monthly origination run rate of over Rs 60 crore, it said in a statement on Wednesday.

The company aims to use the money to expand its partner footprint, product offerings, risk analytics capabilities and bolster technology, it said.