NIRA, a financial technology startup offering small-ticket loans to blue and grey collared workers via its website and mobile app, today revealed that it has secured $2.1 million in the funding round of Pre-Series A from existing and new angel investors in India, Europe, and the UK.
The funding will be going to be used to add high-quality talent to its team, further develop its product and technology and scale up its lending quality talent to its team, further develop its product and technology, and scale up its lending volumes.
The company which is being co-founded by the ex-Goldman Sachs colleagues Nupur Gupta and Rohit Sen, NIRA, provides with an access and credit to working Indias at their time of need.
The company provides loans of around INR 1 lakh for up to one year, with the help of its app-based credit line.
“This is the next phase of our journey. While we did get offers for funding from a couple of VCs, we decided to stick to our existing investors and take more time to find the right long-term partners” said Rohit Sen, CEO and Co-founder of NIRA. “In the last 12 months, we’ve found a good product-market fit, so now we want to build on this strong foundation to scale our business”.