Founded in 2021, Bengaluru-based Niro is a fintech platform that enables consumer internet platforms to embed personalized, flexible, and competitive credit offerings seamlessly. By leveraging its APIs and SDKs, Niro ensures integration within two weeks, delivering fully digital, end-to-end credit journeys that drive customer satisfaction and business scalability.
Co-founded by Aditya Kumar and Sankalp Mathur, Niro has raised a total of Rs 152.73 crore over five funding rounds, with its latest pre-Series B funding raised in November 2024. The shareholding structure is led by Aditya Kumar (19.44%) and Sankalp Mathur (15.91%), with 10.15% allocated to the ESOP pool.
Niro’s revenue grew significantly to Rs 39.62 crore in FY24, up from Rs 10.52 crore in FY23, marking a nearly 3.8x increase. However, expenses also rose sharply to Rs 117.45 crore in FY24, compared to Rs 34.41 crore in FY23.
Employee benefit costs remained a major expense category, accounting for 27.81% of total expenses in FY24, down from 42.48% in FY23. Advertisement costs increased to 7.6% in FY24, compared to 0.72% in FY23. Other expenses formed 60.26% of total expenses in FY24, up from 50.79% in FY23.
Despite the revenue growth, Niro faced significant financial losses. Its net loss widened to Rs 77.83 crore in FY24 from Rs 23.89 crore in FY23. The EBITDA margin improved slightly to -187.91% in FY24 from -225.07% in FY23, while ROCE declined to -2103.61% in FY24 from -133.04% in FY23.