Bengaluru-based fintech startup Niro, which helped online platforms provide built-in credit services to their users, has closed down after operating for about four and a half years.
“$20 Mn in funding, $200 Mn in loan disbursements, 30 partnerships, and 4.5 years later – we’ve had to shut down Niro,” the startup’s founder, Aditya Kumar, said in a LinkedIn post.
Kumar attributed the shutdown to regulatory changes, a capital crunch, and a decline in credit quality. He explained, “A perfect storm of regulatory pushback on personal lending credit deterioration, and sub-optimal capitalization forced us to pivot our business model—successfully—but just as capital ran out. Despite exploring global investors and potential local partners, I wasn’t able to bring this one home.”
Kumar said that at its highest point, Niro had 170 million users and managed $100 million in assets within just two years of starting.
According to Tracxn data, the company raised $18.7 million over four funding rounds and reached a valuation of $58.4 million.
Kumar, a fintech veteran, had earlier founded Qbera, a digital lending platform later acquired by InCred, where he went on to lead the company’s consumer lending business.
Niro, founded in 2021 by Aditya Kumar and Sankalp Mathur, was backed by well-known investors such as Elevar Equity, GMO Venture Partners, Rebright Partners, Mitsui Sumitomo Insurance VC, Innoven Capital, Alteria Capital, and CRED founder Kunal Shah.
In FY23, the startup recorded ₹9.5 crore in operating revenue and a net loss of ₹23.8 crore.
With its closure, Niro joins other startups like Beepkart, Otipy, and Blip, which have also shut down in 2025.
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