Fintech startup Niro raises $3.5 mn Seed funding from Elevar Equity, angel investors

Fintech startup Niro raises $3.5 mn Seed funding from Elevar Equity, angel investors

FPJ Web DeskUpdated: Wednesday, October 13, 2021, 03:06 PM IST
article-image
Niro Team:( L-r) Aditya Kumar, Co-Founder and CEO, Sankalp Mathur, Co-Founder & Chief Risk Officer | Niro

Niro, a homegrown embedded consumer lending fintech, has raised $3.5 million in a Seed funding round led by Elevar Equity. The funding also saw participation from angel investors like Kunal Shah, Nitin Gupta, Bala Parthasarathy, the Patni Family Office, R. Ramaraj & Aseem Dhru. It is founded by entrepreneur-duo, Aditya Kumar (erstwhile founder of Qbera, a consumer lending platform acquired by InCred Financial Services), and Sankalp Mathur (a risk management professional and ex-Citibanker).

The fintech startup aims to disrupt the consumer lending ecosystem in the country by democratizing access to convenient and hassle-free embedded credit products for 624 million internet users in India.

It will achieve this by enabling consumer internet brands to offer competitive, seamlessly integrated, and innovative credit products. Niro will drive tangible and measurable impact for these brands and empower them to create new customer journeys, enhancing customer engagement and generating substantial revenue, it said in a press release.

Aditya Kumar, Co-Founder and CEO, said, “Niro aims to leverage the power of embedded finance to unlock potential for all customer-facing digital platforms to become consumer lending fintechs. This will enable them to offer their consumers bespoke and competitive financial products combined with a frictionless all-in-one platform experience.”

Sankalp Mathur, Co-Founder & Chief Risk Officer, Niro, said, “The embedded finance opportunity is growing exponentially and at Niro, we see this as an opportunity to redefine distribution for financial services entirely. In parallel, this creates an entirely new role for consumer internet companies to become financial services players in the lives of consumers.”

RECENT STORIES

CCI Probe Indicts Ultratech In ONGC Tender Cartelisation Case

CCI Probe Indicts Ultratech In ONGC Tender Cartelisation Case

RBI Withdraws ₹1 Lakh Crore Via 7-Day VRRR Auction To Curb Surplus Banking Liquidity Levels

RBI Withdraws ₹1 Lakh Crore Via 7-Day VRRR Auction To Curb Surplus Banking Liquidity Levels

BSE Schedules Mock Trading For Equity Segment, Members Invited To Test Systems On July 5

BSE Schedules Mock Trading For Equity Segment, Members Invited To Test Systems On July 5

IRB InvIT Fund Unitholders Approve Acquisition Of 100% Equity Share Capital Of Three Special Purpose...

IRB InvIT Fund Unitholders Approve Acquisition Of 100% Equity Share Capital Of Three Special Purpose...

RBI Brings Big Relief For Borrowers, No Charges On Early Loan Repayment From January 2026

RBI Brings Big Relief For Borrowers, No Charges On Early Loan Repayment From January 2026