Niro, a consumer lending focused fintech startup, has raised $3.5 million (around Rs 26 crore) in a seed funding round led by Elevar Equity.
The round also saw participation from Kunal Shah of Cred, Nitin Gupta, Bala Parthasarathy, the Patni Family Office, R. Ramaraj, and Aseem Dhru among others
“We intend to expand our team quite substantially over the course of the next one year across disciplines - technology, product, analytics, operations, and collections. Especially capabilities that are required across financial services spectrum as well as on the technology side,” Aditya Kumar, cofounder and CEO, Niro, told VCCircle.
“We're in the process of partnering with a number of consumer internet companies who have access to significant data and once we tie up both of those sides and managed to sort of scale our own capability, expect our business to grow,” he added.
“Embedded finance opportunity is growing exponentially and 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,” cofounder and chief risk officer Sankalp Mathur said in a statement.
Niro aims to become a provider of competitive and innovative credit products for their consumers.
Kumar is the founder of Qbera, a consumer lending platform that was later acquired by InCred Financial Services while Mathur is a risk management professional and has worked with Citibank previously.
The company has been in stealth mode since March, and aims to launch within a month, the founders said.
