Niro achieves Rs 1,000-cr loan disbursals milestone – Banking & Finance News

Niro, a consumer lending fintech platform based in Bengaluru, has achieved a significant milestone by surpassing the Rs 1,000-crore mark in overall disbursals within just 27 months of its launch. The company announced this achievement on Monday and is now aiming to surpass the Rs 1,500-crore disbursal mark in the current financial year.

What sets Niro apart is its rapid growth in disbursals, taking around 20 months to reach the Rs 500-crore milestone and disbursing the next Rs 500 crore in just over seven months. The startup has partnered with top non-banking financial companies (NBFCs) like PayU Finance, Aditya Birla Capital, and Piramal Finance, as well as banks such as IDFC First Bank. Additionally, Niro has integrated its lending products with consumer internet platforms like NoBroker, Quikr, Snapdeal, and Housing.com.

Aditya Kumar, co-founder and CEO of Niro, shared the company’s ambitious plans for the future. In FY25, Niro aims to disburse nearly Rs 2,000 crore in loans, expand its platform partnerships from 10 to 25, and increase its lending partners from five to 12. Kumar emphasized the shift in consumer attitudes towards availing credit through non-traditional channels and highlighted Niro’s data advantage in understanding customer needs.

With a median ticket size of around Rs 1.5 lakh, Niro offers personal loans ranging from Rs 30,000 to Rs 5 lakh. The fintech startup reported revenue of Rs 46 crore in FY24, up from Rs 10.5 crore in FY23. Niro has raised $15.5 million so far and is currently in discussions with investors to raise an additional $15 million.