Niro shuts down after raising $18.7 million
Niro, a Bengaluru-based fintech startup founded in 2021 and backed by Kunal Shah, has closed its doors after 4.5 years.
The company helped consumer internet platforms offer instant loans by teaming up with banks and NBFCs, and raised about $18.7 million from investors.
But recent regulatory changes, rising loan defaults, and a tough funding climate made it impossible for Niro to keep going.
Niro's story offers lessons for fintech founders
Niro's story is a reality check for India's fast-moving fintech scene—showing that even rapid growth (over ₹1,000 crore in loans disbursed) isn't enough when the rules keep shifting and money dries up.
For anyone interested in startups or digital finance, it's a reminder that success needs more than just big numbers; adapting to changing regulations and funding challenges is key in today's ecosystem.