India, Oct. 7 -- Bengaluru-based fintech startup Niro has shut operations due to regulatory challenges and lack of capital.
"$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 said that the reason behind the shutdown was changes in regulations, capital crunch and decline in credit quality. ". a perfect storm of regulatory pushback on personal lending, credit deterioration and sub-optimal capitalisation forced us to pivot business models (successfully), just as capital ran out. Despite scouring the globe for capital and the country for suitors - I wasn't able to bring this one home," said Kumar.
Founded in...
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