Indian fintech startup Niro has raised $3.5m in a seed funding round to offer personal credit products.

The round was led by Elevar Equity with participation from angel investors like Kunal Shah, Nitin Gupta, Bala Parthasarathy, the Patni Family Office, R. Ramaraj, and Aseem Dhru.

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Niro, which currently employs 16-17 people, plans to use the funds to expand the team and develop product offerings.

Co-founded earlier this year by Aditya Kumar and Sankalp Mathur, Niro plans to embed personal credit products into consumer internet platforms, which can be offered to customers.

Kumar said: “We believe that embedded finance is one such innovation, and Niro aims to leverage the power of embedded finance to unlock potential for all customer-facing digital platforms to become consumer lending fintech. This will enable them to offer their consumers bespoke and competitive financial products combined with a frictionless all-in-one platform experience.”

As per media reports, the fintech has been in stealth mode since March 2021 and plans to launch soon.

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Elevar Equity managing partner Jyotsna Krishnan said: “We are excited to support Niro in its quest to build a game-changing venture that can redefine the mass accessibility of credit.”

Last month, Indian fintech startup ePayLater raised $10m in funding to offer zero-cost credit to small and medium enterprises (SMEs).

Around that same time, Bright Money raised $31m in a Series A funding round. It is a US-based artificial intelligence (AI) personal finance platform that also has a presence in India.