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Niro raises USD 11 million

Niro raises USD 11 million


Niro raises USD 11 million

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.

Also read: Cabinet approves medical devices policy to help sector grow to USD 50 bn in next 5 yr

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, 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.

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