NIRO: Helping e-commerce platform build wealth with financial technology

Finance


NIRO is an early-stage fintech platform that provides embedded credit solutions for consumer internet platforms. Launched in 2021, this Bangalore-based embedded financial provider enables e-commerce platforms to give credit to consumers. “Precisely, it’s frictionless credit for everyone,” says Aditya Kumar, co-founder and CEO of the fintech startup.

“Considering our launch was only 15 months ago, we achieved unprecedented scale. We have been able to deliver growth,” says Kumar. “We will enable these platforms to leverage data, distribution and engagement to deliver frictionless and competitive credit products to their users, driving engagement and value for end consumers and the value of these platforms. Drives revenue growth Mr. Kumar started his career as an investment banker at Lehman Brothers before founding Qbera in late 2015. Between those two experiences, he established an international school in Kolkata and ran a family business. has grown its business.

Also read: World MSME Day 2023: How to empower MSMEs through financial innovation for sustainable development

early days

Kumar recalls the origin of the idea behind his latest venture, Niro: From a profit and loss perspective, this seemed like a natural path for his platform on the consumer internet. However, incumbent banks and NBFCs (i) focus on narrow segments, (ii) lack broad geographic reach, and (iii) lack product and You’ll have a hard time partnering with most of these platforms, partly because the technology isn’t ready. For users of these consumer internet platforms. For me, therefore, leveraging the engagement, distribution reach and data of consumer internet platforms became the obvious path to expand my embedded financial services lending franchise. “

Niro’s products and technologies enable these platforms to drive stronger customer engagement and generate greater customer value, thereby generating significantly increased revenue, profitability and shareholder value. “We have also developed strong supply-side relationships with leading financial institutions such as Muthoot Finance., PayU Finance, and L&T Finance. Combining these platforms and lending partnerships with our unique product design and risk management capabilities has enabled us to deliver best-in-class portfolio performance at unprecedented scale. ‘, he reveals.

on solid ground

To date, Niro has disbursed over 300 million loans in over 200 cities in India with a monthly disbursement rate of over 600 million. “Our yearly sales have reached $4 million, which makes us very proud considering we are only 15 months out from the market,” Kumar said. Niro raised a $3.5 million seed round in October 2021, led by Elevar Equity, with participation from prominent Angel investors.

looking to the future

Niro plans to double its originations from 60 billion to over 120 billion per month over the next year, “which will take us from 30 billion to over 80 billion in assets under management.” $3 to $12 million ARR,” he says. On the role of technology, Kumar echoes: “Technology plays a key role in enabling all aspects of organizational operations. From providing infrastructure for e-commerce platforms, to launching credit and other fintech products, risk management, operations and customer support. are doing.”

Also read: How ONDC and OCEN can help advance MSME digitalization

frictionless trust

* Niro enables consumer Internet platforms to give credit to consumers

* Count Quikr, Snapdealespecially residential customers

* Since its inception, it has disbursed over 300 crore loans across 200 cities.

* Monthly starting run rate is Rs 600 crore.Aiming to double by next year

* Closed Series A round in April 2023, raising $11 million in a combination of equity and debt



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