SME-focused digital lending platform Supermoney has raised $3.4 million, i.e., approximately Rs 28.6 crore in Series A funding from Capital 2B and Capria Ventures.
The company aims to increase disbursement volume and leverage technology to optimise operations with fresh funds.
Founded in 2018, Supermoney has established partnerships with major brands across sectors such as electronics, pharmaceuticals, steel, auto parts, and automotive. The company customises supply chain finance solutions for its enterprise partners.
“We are thrilled about securing this investment as it marks a pivotal moment in our journey. We’re seizing an $800-billion domestic market opportunity, which has so far been underserved by traditional banks and NBFCs. By partnering with industry leaders, our aim is to reach 500,000 MSMEs within the next 2 years and drive invoicing volumes in excess of $5 billion on the platform,” said Nikhil Banerjee, Co-Founder & Director, Supermoney.
Supermoney operates in over 40 locations, partnering with more than 30,000 retailers and dealers, claimed the firm.
Amit Behl, Partner at Capital 2B, said, “Business in India works on credit, and as the economy powers to $5 trillion-plus, supply chain financing shall continue to see innovation and digitisation. In Nikhil, Zafar, and Sapna, the team at Supermoney has the right blend of finance and technology experience to build not only a scalable supply chain financing platform but also a retail intelligence platform that assists manufacturers and brands with a deeper understanding of business happening at the last mile”. Supermoney operates in over 40 locations, partnering with more than 30,000 retailers and dealers.