Indian FinTech startup NIRA has closed a $2.1m pre-Series A round to strengthen its team and bolster the development of new products.
The company is a provider of small-ticket loans to low-income workers via its mobile-based app and website.
The round was supported by investors from Europe and India.
“We’re delighted to move to the next phase of our journey with this new raise,” said Rohit Sen, CEO and co-founder at NIRA. “While we did get offers for funding from a couple of VCs, we decided to stick to our existing investors and take more time to find the right long-term partners.”
The new investment comes as India is experiencing massive growth in its FinTech sector. has established. More than $18.6bn was invested into the space since 2015, FinTech Global’s data shows. Between 2015 and 2019, the country’s FinTech sector enjoyed a compound annual growth rate of 19.1% in terms of investment
Funding in the country during 2019 did not reach the heights it hit in 2017 when a colossal $8.2bn was invested through 116 transactions. However, last year saw a new record for the number of FinTech investments in India, with 154 being completed, totalling $5.1bn. While funding looked to plummet in 2018, with total investment volume only reaching $1.7bn, the country looks to be thriving now.
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