Nira picks up additional $1 million from existing angel investors

Bengaluru-based fintech startup Nira has picked up an additional $1 million from existing angel investors.

With this round, the startup said it has raised a little over $4 million so far. It had previously received an undisclosed follow-on funding from US seed accelerator Techstars, the company said in a statement. Nira was part of the accelerator's programme in 2019.

The startup plans to use the funds raised to strengthen its technology and boost its lending volumes.


Started by former Goldman Sachs colleagues Rohit Sen and Nupur Gupta, Nira offers credit access to working-class Indians in their time of need. It provides loans of up to Rs 1 lakh for a duration of up to one year through its app-based credit line.

"We have had robust growth in the last few months and are already at 400% of our pre-Covid volumes. This extra funding will allow us to further invest in our technology, analytics, and strengthen our team as we build for scale," said Nira cofounder and chief executive Rohit Sen.

The company said that it continued to lend to both existing and new customers through the Covid-19-induced lockdown and claimed that only 2% of their loans were placed in moratorium during this period, with collection rate exceeding 97% for the last two months.