Supermoney Raises $3.4 Million in Series A Funding to Fuel Growth and Innovation in SME Digital Lending

Supermoney, a digital lending platform focused on providing working capital solutions to small and medium-sized enterprises (SMEs), has successfully raised $3.4 million (INR 28.6 Crores) in a Series A funding round. The investment was led by Capital 2B and Capria Ventures, marking a significant milestone in Supermoney’s growth trajectory.

Founded in 2018, Supermoney specializes in customizing supply chain finance solutions for enterprise partners across various sectors, including electronics, pharmaceuticals, steel, auto parts, and automotive. With this latest funding, the company plans to increase its disbursement volume and enhance its technological capabilities to optimize operations further.

Amit Behl, Partner at Capital 2B, emphasized the importance of supply chain financing in India’s growing economy. “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. 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,” he said.

Surya Mantha, Managing Partner at Capria Ventures, highlighted Supermoney’s impressive execution and growth in a fragmented market. “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,” Mantha added.

Nikhil Banerjee, Co-Founder and Director of Supermoney, expressed his excitement about the investment. “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 two years and drive invoicing volumes in excess of $5 billion on the platform,” Banerjee stated.

Co-Founder and Director Zafar Imam noted the potential for further growth. “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, operating in over 40 locations across India, currently boasts a network of more than 30,000 retailers and dealers, 50+ anchor partners, and over 500 distributors. The funds raised will be utilized to accelerate the platform’s growth, expand disbursements, and further develop the company’s technology to enhance its service offerings.

With the backing of prominent investors and a clear vision for the future, Supermoney is well-positioned to make a significant impact on the SME sector in India, providing much-needed financial solutions and driving economic growth.