Niro raises $3.5M led by Elevar Equity

niro funding

Niro, a fintech startup, announced that it has raised $3.5 million in a seed round led by Elevar Equity. 

Multiple angel investors including CRED’s Kunal Shah, Bala Parthasarthy, Managing Partner at Prime Ventures, Nitin Gupta, and the Patni Family office also participated in the round.

With a current team of 16-17 people, Niro plans to use the freshly raised funds to grow the team and develop its offerings.

Established in March 2021 by Aditya Kumar, Niro provides embedded credit products to consumer internet brands, who can then offer them to their customers.

In a statement, Aditya Kumar, Co-founder and CEO, Niro said, “We believe that embedded finance is one such innovation, and 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.”

The fintech firm’s lead investor, Elevar Equity, is based in the US and has invested in players including lending platform InCred, Gurugram-based Indifi, and Sarvagram.

Commenting on the investment, Jyotsna Krishnan, Managing Partner, Elevar Equity said, “Elevar makes only two to three investments per year on average. We look for entrepreneurs with a deep focus on and understanding of the end customer, who can build highly differentiated, scalable distribution models. Aditya and Sankalp’s respective personal journeys towards understanding the challenges in the fintech lending space and their clarity to target a financially underserved market through a differentiated strategy instantly resonated with us. We are excited to support Niro in its quest to build a game-changing venture that can redefine the mass accessibility of credit.”

Niro seems to have established itself as a strong player in the fintech segment. I’m sure the company will reach new heights of success in the time to come. My best wishes to the team of Niro.

Shishir Gupta, Founder and CEO, StartupLanes

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