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Fintech startup NIRA closes US$ 2.1 million pre-series A funding round

IBEF:  April 30, 2020

NIRA, Fintech startup, which provides small ticket loans to blue and grey collared workers through its mobile app and website, has closed US$ 2.1 million in pre-series A funding from existing and new angel investors in UK, Europe, and India.

These funds will be utilised in hiring new talent, developing its product and technology further and scaling up its lending volumes.

“We’re delighted to move to the next phase of our journey with this new raise. While we did get offers for funding from a couple of VCs, we decided to stick to our existing investors and take more time to find the right long-term partners" said Mr Rohit Sen, chief executive and co-founder of NIRA.

“In the last 12 months, we’ve found a good product-market fit, so now we want to build on this strong foundation to scale our business."

The startup was founded in 2018 by former Goldman Sachs executives Mr Rohit Sen and Ms Nupur Gupta. The Bengaluru-based firm has thousands of customers in over 100 cities across the country. The company presently offers loans of up to Rs 1 lakh (US$ 1,418.64) for up to a year through its app-based credit line.

 

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.