Indian FinTech company Niro, which offers consumer lending products, has reportedly secured $11m in its Series A funding round.
The investment included $8.5m in equity and $2.5m in debt, according to a report from BW Disrupt.
Investors included Elevar Equity, GMO Venture Partners, Rebright Partners, Mitsui Sumitomo Insurance VC and more. As for the debt, this was supplied by Innoven Capital.
Founded in 2021, Niro empowers consumer brands to directly embed credit products into their operations. Clients can leverage Niro to build best-in-class credit products that are personalised, flexible and competitive.
Commenting on the funding round, Niro co-founder and CEO Aditya Kumar added, “Sankalp and I are extremely humbled and excited to share news of this fundraise. Raising capital, especially in this environment, is a testament to the success of the Niro thesis which has seen rapid & real validation in a very short span of time.
“We’re grateful for Elevar’s continued support, and excited to welcome GMO, Rebright Partners, MSIVC, Venture Catalysts and YAN to our journey. We strive to continue to deliver value for our platform partners, lenders, and ultimately, end consumers.”
Niro previously raised $3.5m in its seed funding round in 2021. The capital was supplied by Elevar Equity and angel investors including Kunal Shah, Nitin Gupta and the Pati Family Office.
Another Indian FinTech company to recently raise capital was Mintifi. The company raised $110m in its Series D funding round, which was led by the family office Premji Invest.
Mintifi offers on-demand credit lines, which can be used to buy inventory. Its other offerings are business loans, which can be repaid over 6 to 24 months.
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