Bengaluru, 21st May 2024: Niro, an embedded consumer-lending platform and one of India’s top fintechs has achieved a significant milestone by surpassing INR 1,000 crores ($125 Mn) in overall disbursals since its launch in 2022.
As a new-age fintech platform, Niro has been at the forefront of redefining embedded credit distribution in India. Niro creates personalised, frictionless and competitive credit products and embeds these offerings into leading consumer internet platforms’ ecosystems, such as NoBroker, Snapdeal, Housing, and Sharechat. The company has also garnered trust from India’s leading financial partners, including IDFC First Bank, PayU Finance, Aditya Birla Capital and Piramal Finance. These collaborations have empowered Niro to cater to the diverse needs of customers and drive financial inclusion across various sectors of the economy.
In a short span of time, Niro has been able to create distribution at an unprecedented scale – having built access to over 250 million monthly active users as of the end of March, 2024. Of these, approximately 35 million are currently whitelisted (or pre-approved) for financial products with Niro.
By harnessing the power of data and analytics, Niro is able to derive meaningful insights from this vast customer base, and gain a deep understanding of user needs and demands. This, in turn, has enabled the company to tailor its product offerings to meet the specific needs of consumers, driving customer satisfaction, and loyalty, with repeat rates of over 60%.
Commenting on this historic achievement, Aditya Kumar, Co-founder & CEO of Niro, said, “We are thrilled to reach this significant milestone of Rs. 1000 crore in disbursals within such a short span of time. This achievement is a testament to the hard work and dedication of the entire Niro team, as well as the strength of the thesis & timing. I would like to extend my heartfelt gratitude to our partners for their trust and support, and to every SuperNiro for their relentless commitment to our mission.”
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