Bengaluru-based lending startup Niro has raised Rs 90 crore ($11 million) in a Series A round.
The round was a mix of equity ($8.5 million) and debt ($2.5 million). The equity funding was raised from a consortium of investors, including Elevar Equity and GMO Venture Partners, while the debt was funded by InnoVen Capital.
The company previously raised its seed round of $3.5 million, or Rs 28.5 crore, in October 2021 led by Elevar.
Niro was founded in 2021 and claims to enable D2C platforms with embedded lending systems. The startup counts internet companies such as Snapdeal, Quikr, Housing.com, and several others among its partners.
It claims to have disbursed loans worth over Rs 300 crore. With this funding round, Niro aims to expand its partner footprint, product offerings, risk analytics capabilities and bolster its technology layer.
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