Bengaluru-based early-stage lending startup Nira has raised $2.1 million in a pre-series A round of funding from a clutch of angel investors from India and Europe, including the United Kingdom.
The startup, which offers small-ticket loans to the working class, will use the funds to expand its team, develop the technology platform and scale up its lending operations, the company said on April 29.
“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,” chief executive officer Rohit Sen said.
Founded by Sen and former Goldman Sachs colleague Nupur Gupta in 2018, Nira offers loans of up to Rs 1 lakh for up to a year via its app-based credit line.
“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,” Sen said.
Nira has many thousands of customers in 100 cities, the company said.
The last couple of years have been tough for fintech lending startups.With a couple of million dollars in its bank, Nira, which was in the market for funding for some time, can now push for good borrowers in these tough economic conditions.