Niro, a Bengaluru-based FinTech startup, has raised $4.3m in a pre-Series B funding round, with contributions from the notable Japanese retailer, the Marui Group, among other existing backers.
The funding round includes participation from several seasoned investors such as Elevar Equity, GMO Venture Partners, Rebright Partners, Mitsui Sumitomo Insurance VC, ZNL Growth Fund, and Suneight, according to a report from Inc 42. Notably, the investment amount might increase should more investors join.
Founded in 2021 by Aditya Kumar and Sankalp Mathur, Niro specialises in providing embedded lending solutions. These services are tailored for online platforms, helping businesses integrate customised credit offerings to stimulate revenue growth.
Moreover, Niro boasts robust partnerships with several finance giants, including Aditya Birla Capital, IDFC First Bank, Muthoot Finance, and PayU Finance, to facilitate loan provisions to its clientele. The company offers loans ranging from INR 50,000 to INR 7 Lakh and boasts a rapid disbursement process within 24 hours.
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