Supermoney, a digital lending platform focused on small and medium enterprises (SMEs), has successfully raised $3.4 million (approximately Rs 28.6 crore) in a funding round led by Capital 2B and Capria Ventures.
Founded in 2018 and is currently headed by Nikhil Bannerjee, Zafar Imam and Sapna Pugalia. Supermoney specializes in supply chain finance solutions tailored for enterprise partners across various sectors including electronics, pharmaceuticals, steel, and automotive. The startup operates nationwide with a network spanning over 40 locations, connecting more than 30,000 retailers/dealers and over 500 distributors.
The funds raised will be utilized to expand Supermoney’s loan disbursement capabilities and enhance operational efficiencies through technology integration. The company plans to scale its reach to 500,000 MSMEs within the next two years, targeting invoicing volumes exceeding $5 billion on its platform.
Amit Behl from Capital 2B emphasized the critical role of credit in Indian business operations, highlighting the potential for innovation and digitization in supply chain financing as the economy progresses towards the $5 trillion milestone.
Surya Mantha, managing partner at Capria Ventures, commended Supermoney’s growth trajectory and its effective penetration of a fragmented market. He expressed confidence in the startup’s ability to leverage technology effectively to tackle the financing challenges faced by millions of small businesses across India.
The funding round underscores Supermoney’s commitment to revolutionizing SME financing in India and reinforces its position as a key player in the evolving digital lending landscape.