Marui Group Joins Niro’s Cap Table in Pre-Series B Funding

Bengaluru-based fintech startup Niro has secured $4.3 million in its pre-Series B funding round. The lending tech startup has raised this capital from Marui Group, a listed Japanese retailer, in addition to its existing investors.

According to regulatory filings, prominent investors participating in the funding round include Elevar Equity, GMO Venture Partners, Rebright Partners, Mitsui Sumitomo Insurance VC, ZNL Growth Fund, and Suneight. The startup is considering increasing its funding amount if it attracts more investors.

Niro is raising capital at an estimated valuation of approximately INR 456.6 crore (about $55 million), according to estimates by Inc42. Despite requests for comment on the development, Niro declined to comment on the development.

Earlier reports from VCCircle had indicated that Niro was aiming to raise $6 million in its pre-Series B funding round. This development comes nearly a year after the startup successfully raised $11 million in a combination of equity and debt funding.

The previous funding round was led by Elevar Capital, with participation from GMO Ventures, Rebright Partners, and Mitsui Sumitomo Insurance VC.

Established in 2021 by Aditya Kumar and Sankalp Mathur, Niro specialises in providing fixed lending solutions for users of consumer internet platforms. It enables consumer businesses to incorporate customised credit offerings to drive revenue growth.

Niro has forged partnerships with major financial institutions, including Aditya Birla Capital, IDFC First Bank, Muthoot Finance, and PayU Finance, to offer loans to its customers. It facilitates loans ranging from INR 50,000 to INR 7 lakh, boasting a swift disbursement process within 24 hours. The startup claims to have disbursed loans exceeding INR 900 crore, maintaining an outstanding loan book of INR 600 crore.

In the financial year 2022–23 (FY23), Niro recorded an operating revenue of INR 9.5 crore. However, the startup reported a net loss of INR 23.8 crore during the same period.

With this recent fundraiser, Niro’s total funding across multiple rounds stands at $18.5 million. The startup operates in a competitive landscape, facing rivals such as KrediBee, MoneyTap, and BankBazaar.

Source: INC42

Disclaimer: This information is covered based on the latest research and development available. However, it may not fully reflect all current aspects of the subject matter.

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