Consumer lending fintech platform Niro has surpassed the Rs 1,000-crore mark in overall disbursals within 27 months of its launch, the company said on Monday.
The firm expects to surpass the Rs 1,500-crore disbursal mark in the current financial year.
After taking around 20 months to reach the Rs 500-crore disbursal milestone, the company disbursed the next `500 crore in just over seven months.
The Bengaluru-based startup has partnered with top non-banking financial companies (NBFCs) such as PayU Finance, Aditya Birla Capital and Piramal Finance as well as banks such as IDFC First Bank. It has also integrated its lending products with consumer internet platforms like NoBroker, Quikr, Snapdeal and Housing.com.
In FY25, the company aims to disburse nearly `2,000 crore in loans and expand its platform partnerships from 10 to 25, while increasing its lending partners from five to 12, said Aditya Kumar, co-founder and CEO, Niro.
“We are thrilled to reach this significant milestone within such a short span. This achievement is a testament to the strength of our thesis that consumer internet platforms will play a central role in credit disbursement,” Kumar added.
Kumar highlighted the shift in consumer attitudes towards availing credit through non-traditional channels. “Three years ago, nobody would have thought that a company like Niro could disburse `1,000 crore of credit through platforms like NoBroker, Housing, Snapdeal and Sharechat,” Kumar added.
Niro’s platform partners collectively give the company access to over 250 million monthly active users. “From a distribution perspective, no other fintech has been able to build distribution to such a large base in such a short time,” Kumar said.
The company leverages data and analytics to gain insights into customer needs and tailor its product offerings accordingly. “We are building a huge data advantage by understanding customers across multiple platforms,” Kumar said.
Niro offers personal loans ranging from Rs 30,000 to Rs 5 lakh, with a median ticket size of around Rs1.5 lakh.
The fintech startup reported revenue of `46 crore in FY24, up from `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.
