Bengaluru, 21st May 2024 – Niro, India’s rapidly growing embedded consumer-lending platform, has achieved a landmark milestone by surpassing INR 1,000 crores ($125 Mn) in disbursals within less than 27 months since its inception. This accomplishment reaffirms Niro’s leadership in the fintech space.
Niro’s impressive growth is underpinned by strategic partnerships with top NBFCs like PayU Finance, Aditya Birla Capital, and Piramal Finance, as well as banks such as IDFC First. Additionally, alliances with prominent consumer internet platforms like NoBroker, Snapdeal, and Housing.com have significantly bolstered Niro’s reach and impact.
The platform targets 35 million unique active pre-approved customers within its extensive consumer platform partner ecosystem, building a formidable distribution and data moat. By embedding personalized, frictionless, and competitive credit products into these ecosystems, Niro has revolutionized credit distribution in India.
Since its launch in 2022, the company has gained access to over 250 million monthly active users as of March 2024, with approximately 35 million of these users pre-approved for financial products. This expansive reach enables Niro to harness the power of data and analytics, deriving valuable insights to tailor its offerings to the specific needs of consumers. The result is an impressive repeat rate of over 60%, reflecting high levels of customer satisfaction and loyalty.
Also Read: Sorrel Osborne, Head of Media, APAC, GumGum: Revolutionizing Digital Advertising in APAC
Aditya Kumar, Co-founder & CEO of Niro, expressed his enthusiasm: “We are thrilled to reach this significant milestone of Rs. 1000 crore in disbursals within such a short span of time. This achievement is a testament to the hard work and dedication of the entire Niro team, as well as the strength of the thesis & timing. I would like to extend my heartfelt gratitude to our partners for their trust and support, and to every SuperNiro for their relentless commitment to our mission.”
Niro’s journey demonstrates the potential of fintech innovation to drive financial inclusion and transform the credit landscape in India. With a focus on leveraging technology and data, Niro is set to continue its trajectory of growth and impact.
About Niro
Founded by Aditya Kumar & Sankalp Mathur in 2022, Niro’s mission is to empower consumer internet platforms to become consumer finance superpowers by offering their customers embedded, innovative, competitive, and frictionless financial products. Since its inception, Niro has disbursed over 1,000 crores worth of loans across 450+ cities. It also hit $6 million ARR recently.
