SME-focused digital lending platform Supermoney raises $3.4 million in a Series A funding round

Supermoney, a Mumbai-based digital lending startup focused on small and medium-sized enterprises (SMEs), has recently raised $3.4 million in a Series A funding round led by Capital 2B and Capria Ventures. 

With this round of funding, The startup aims to increase its disbursement volume and leverage technology to optimize operations.

"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," said Nikhil Banerjee, Co-founder and Director.

Providing working capital solutions 

Founded in 2018 by Nikhil Banerjee, Sapna Pugalia and Zafar Imam, Supermoney provides working capital solutions to businesses. The startup offers customized payment and finance solutions designed specifically for their supply chain needs.

It has partnerships with major brands across various sectors, including electronics, pharmaceuticals, steel, auto parts, and automotive.

“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," Imam added.

Supermoney's market reach

Supermoney claims to operate in over 40 locations across India and has more than 30,000 retailers and dealers, over 50 anchors, and more than 500 distributors on its platform. 

Amit Behl, Partner at Capital 2B, emphasized the importance of credit in Indian business operations. “Business in India works on credit, and as the economy powers to $5 trillion-plus, supply chain financing shall continue to see innovation and digitization," Behl said.

Aiming to serve 500,000 MSMEs

Supermoney aims to serve 500,000 MSMEs within the next two years and drive invoicing volumes in excess of $5 billion on its platform.

"The Supermoney team has demonstrated excellent execution with impressive growth despite operating in a fragmented market. We are pleased to have Capital 2B join us as partners in this journey. Supermoney is poised for exponential growth in the coming years, leveraging technology to unlock a massive market opportunity and tackle the credit financing problem plaguing millions of small businesses across the country," said Surya Mantha, Managing Partner at Capria Ventures.