Mumbai-based Fintech firm NIRA, which provides small-ticket loans to low-income workers via its mobile-based app and website, recently revealed that it has secured $2.1 million in funding through its pre-series A investment round.
NIRA’s funding round included contributions from new and existing angel investors based in the United Kingdom, other European countries, and India.
The Fintech startup intends to use the capital raised to recruit new talent, further develop and enhance its existing products and services, and also to scale its lending business.
Rohit Sen, CEO and co-founder at NIRA, stated:
“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.”
Sen added that during the past year, the company has been able to find “a good product-market fit, so now it wants to build on this strong foundation to scale its business.”
Established in 2017 by ex- Goldman Sachs senior management professionals, Rohit Sen and Nupur Gupta, NIRA reportedly has thousands of clients based in more than 100 cities across India.
The Fintech firm currently provides loans of up to ₹1 lakh (appr. $1,330) for up to one year. The loans are provided via NIRA’s app-based credit line.
NIRA mainly offers credit, finance, and consumer lending services. The company’s products have been developed to promote financial inclusion. It normally issues small loans, provides credit as a benefit, offers 0% equated monthly installments (EMI), and various services supporting financial wellbeing.