Consumer-lending startup Niro raises $11-M from Elevar Equity, Innoven Capital, others

Niro, a Bengaluru-based embedded consumer-lending platform, has raised Series A funding round of INR 90 crore (USD 11 million), comprising an equity component of INR 69 crore (USD 8.5 million) and debt of INR 20 crore (USD 2.5 million). The equity investment came from a group of investors that included Elevar Equity, GMO Venture Partners, Rebright Partners, Mitsui Sumitomo Insurance VC, and others. Innoven Capital provided the venture debt funding. Founded by Aditya Kumar and Sankalp Mathur, Niro had raised USD 3.5 million from Elevar Equity in its seed funding round in October 2021.