Supermoney Secures USD 3.4 Mn in Series A from Capital 2B and Capria Ventures The funds raised will be utilised to accelerate the Mumbai-based platform's growth and expand disbursements.
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SME-focused digital lending platform Supermoney has raised USD 3.4 million (INR 28.6 crore) in Series A funding from Capital 2B and Capria Ventures.
According to the official release, this latest investment round will propel Supermoney's growth trajectory as the company aims to increase disbursement volume and leverage technology to optimise operations.
Nikhil Banerjee, Co-founder and Director, Supermoney, said, "We are thrilled about securing this investment as it marks a pivotal moment in our journey. We're seizing an USD 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 USD 5 billion on the platform."
Founded in 2018 by Nikhil Banerjee, Sapna Pugalia and Zafar Imam, Supermoney is a digital platform that provides working capital solutions to businesses by offering customised payment and finance solutions designed specifically for their supply chain.
The platform claims to collaborate with brands in industries such as steel, automotive and auto parts, batteries, tyres, electronics, consumer goods, FMCG, pharmaceuticals to provide tailored payments and finance solutions for their supply chain ecosystem.
Operating in over 40 locations, Supermoney has 30,000 retailers/dealers, over 50 anchors and more than 500 distributors across India on the platform.
Zafar Imam, Co-founder and Director, Supermoney, added, "This investment will also facilitate the expansion of our insights engine for strategic enterprise partners. While we are already serving over 30,000 customers, we believe we've barely scratched the surface and just begun to tap into the potential, with more growth ahead of us. We want to expand our reach and fuel the growth of both our employees and channel partners for mutual success and prosperity."
