Nira closes a million dollar of seed round

Nira drives financial inclusion mainly by designing small size loans for small tenures. Pratik Bhakta  |  ETtech  |  October 30, 2018, 19:31 IST
The funds has been raised from Ashish Kacholia, a well-known stock market investor, along with participation from existing investors S Chand Group and others.
The funds has been raised from Ashish Kacholia, a well-known stock market investor, along with participation from existing investors S Chand Group and others.
Bengaluru based fintech lending startup Nira has closed a seed funding round of $ 1 million from angle investors in the United Kingdom and India. The company aims to use the funding to expand its team, strengthen the tech platform and drive growth in the initial stages of the journey.

Co-founded by Goldman Sachs colleagues Rohit Sen and Nupur Gupta, Nira drives financial inclusion mainly by designing small size loans for small tenures. The company intends to offer loans up to Rs 1 lakh for a tenure of up to one year in a simple and transparent fashion.

“While we were oversubscribed for this round, we felt this was just the right amount to help us grow our team, our technology and our business.” said Rohit Sen, Co-Founder and CEO of NIRA. “We have been refining our product and strategy over the past few months since we went live. Our focus will now be on executing our strategy and scaling the size and reach of our operations.”